Lab-grown diamonds are gaining favor with engaged couples as an affordable alternative to natural diamonds. Toronto residents, Daniel Ng and Olivia Chan, opted for a lab-grown diamond due to its significant cost savings compared to a mined stone. Industry experts note that lab-grown diamonds, which can be up to 90% cheaper than natural diamonds, are becoming more accessible to young couples.
A study by “Marketplace” revealed significant price discrepancies for identical lab-grown diamonds sold by different retailers. For instance, a one-carat D-color, VS1 clarity lab-grown diamond purchased from Blue Nile cost $1,639.23, while a similar diamond from Alibaba was priced at $228.86. Such variations in pricing have raised concerns about transparency in the industry.
Despite the price differences, independent appraisers confirmed that both diamonds had the same quality and should be valued similarly. While some retailers justify higher prices based on brand reputation and quality assurance, experts warn that inflated prices for lab-grown diamonds could erode consumer trust.
Consumers are advised to research thoroughly, read reviews, and consider having diamonds appraised before making a purchase. As lab-grown diamonds continue to grow in popularity and production scales increase, experts predict that prices will stabilize closer to wholesale levels in the future. Ultimately, transparency and fair pricing are crucial for ensuring consumer confidence in the diamond industry.