With lab-grown diamonds being chemically, physically and optically identical to mined diamonds, what does it mean to buy a “real diamond” today?
indicated that nearly 70 per cent of Millenial-age consumers would consider a lab-grown diamond for an engagement ring.
Chemical vapour deposition , a newer method, involves putting a seed in a sealed chamber filled with carbon-rich gas and heating to about 800 to 1200 degrees celsius. In 2020, 6 million to 7 million carats of lab-grown diamonds were produced, with 50 per cent to 60 per cent of them manufactured in China using HPHT technology. The rest of the world, except for Russia, primarily makes CVD diamonds, with India and the US emerging as major production centres.According to Levy, lab-grown diamonds on all accounts are classified as diamonds, although they do have some differences from mined diamonds.
Comparing like-for-like lab-grown and mined diamonds, Trafford-Jones says lab-grown diamonds in the carat range for most engagement rings are at least 30 per cent to 40 per cent cheaper. “If you’re looking at diamonds as an investment, you’re probably better off buying property. It’s like when you buy a Mercedes-Benz and the moment you drive it out of the showroom, it will literally decrease in value.”
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