There have been a number of articles in social and traditional media claiming how bad lab grown
diamonds are. Is it true? Let’s be honest the answer is “no” they are not bad. They offer an option that
is less costly. Where the “bad” comes from is that naturally sourced diamond suppliers have been
impacted by the very quick and large move in the market from naturally sourced diamonds to lab grown
diamonds. The companies that sell mined diamonds do not want to lose market share and are pushing
with a full-on assault through media to discredit lab grown diamonds.
Diamonds, specifically, mined diamonds do a lot of good (https://www.diamondsdogood.com/). This
isn’t a case of mined diamonds “bad”, and lab grown diamonds “good”. They are two very different
market streams. While they do compete for the same market, the buying decision is based on very
different buying choices.
Dive down the rabbit hole!
- Lab grown diamonds have been ‘greenwashed’ to suggest they are more environmentally
friendly. I would like to suggest that there is virtually nothing that is made by man or mined
by man that does not have some impact on the earth. The question is how much impact.
Currently about 95% of lab grown diamonds are made from power that is supplied by coal
burning sources. The amount of carbon footprint per diamond for both lab grown and
mined is very similar. That means that lab grown are not perfectly clean, but neither are
mined diamonds. In this point they are close to equal. A lot of people won’t like to read
this, but if you want to reduce your carbon footprint, stop eating meat. - Lab grown diamonds are more sustainable. This is not the same as environmentally friendly.
These two points are mixed to make things sound more acceptable, but they are
independent of each other. What I mean by this is that ‘sustainable’ means the ability to
maintain production. Naturally mined diamonds are running out. There hasn’t been a new
diamond mine that is commercially viable opened in decades. The current mines are
investing in underground mining to keep the mines in production. Lab grown diamonds are
sustainable in the extreme. Man controls the growth and the amount to be produced. As
long as there is carbon, which is in abundance, and energy, which will always be present,
man can make diamonds. That means that lab grown diamonds are more sustainable. - Are lab-grown diamonds real diamonds? Again, a lot of mentions in the news as to what is
real and what isn’t real. Short answer, lab grown diamonds are real diamonds. Saying they
are ‘lab grown” almost makes then sound artificial. The problem has been that some
government employees with little discussion with the jewelry trade came up with some
names for lab grown diamonds and it has become law. However, not all countries are the
same. In France, they are called synthetic diamonds, while in North America they are called
laboratory grown diamonds. Typically, in the public’s mind, the use of ‘synthetic’ suggests a
lower quality. Sometimes, the word ‘imitation’ is used for items that look similar. The
correct use of the terms is not interchangeable. Synthetic items as in gemstones and
diamonds are actually identical chemical composition to their natural counterpart.
Imitation is basically a fake item that may look the same but is not the same chemical composition. An example of imitation might be blue glass is an imitation of a blue sapphire. Generally speaking, when diamonds are called synthetic, it is often used to make them sound less attractive or cheaper. Well, they are ‘cheaper’ in cost but not in their
composition. - When companies are forced to suspend mining, sales in the market drop precipitously and
force down prices of items already in the market, these companies start to realize they have
to fight for their market. Sometimes this isn’t done fairly. The majority of naturally mined
diamond companies are ethical. They are just now starting to find better ways to market
their product without criticizing lab grown diamonds. Put it simply, the fight centers around
two fundamentally differing points. The mined diamonds are rare, limited in sources and
becoming rarer to find, especially in higher qualities. Lab grown diamonds provide an
identical look at a fraction of the price. Rarity vs price: it is that simple. - Lab grown diamonds will have no value in a year. This is where everyone needs to
understand that jewellery is often sold by stores as a great investment. Not true! Maybe if
the investment is an emotional one where the item is a symbol of love then yes, it is a great
investment (Warning here, I am a very sentimental person, so biased). Whether natural or
mined diamonds, don’t buy them with the belief they will go up in price. Yes, there are
diamonds that come up for sale in very rare auction houses that sell for enormous amounts
of money. These are exceptionally rare diamonds. It is unlikely that the diamond you buy is
exceptionally rare enough to increase in value. Currently, not many stores will buy back lab
diamonds. However, if you have bought a mined diamond and a couple years later go to sell
it, grab a chair! Perfect example that happened this week; 100% true. A young guy came in
to my store and wanted to trade in his ring from a mall store. Purchased a year ago for
$1500 and given an appraisal stating it was worth $1800. The ring was light and the
diamond a low quality. The best I could offer him was $150. If you look at diamond
purchases for resale value, then regardless of mined or lab grown origin you are going to
take a loss.
Which one is the best diamond for you? That is really what all of the discussion comes to. The best one
for you is based on the price you want to pay, the look you want to offer (meaning the size) and what
you and the person receiving the ring want out of the symbolism of the gift.