What's this about man made Diamonds?
None other than General Electric started developing a new technology many years ago to make diamonds that are identical in their chemical composition to how the Earth has been making them naturally for billions of years.
Now with newer technologies spread throughout the world man made diamonds are a reality that end up as rings,earrings,bracelets and necklaces marketed everywhere on the globe.
And guess what? There is a lot of skepticism and misinformation about these relatively new products?
So rather than go deep into the entire story behind these diamonds allow me to break it down into the issues I believe are the most important for consumers to consider.
(And if you want a deep dive there are thousands of websites that will tell you everything you’ll ever want to know about man made diamonds.)
First and foremost man made diamonds are identical in their chemical make up as any diamond that is mined and comes out of the ground.In our industry we are not supposed to say that they are “real” diamonds in order to protect the consumer from fraudulent sellers who may not disclose the fact that you are looking at a man made diamond.
And why is that important? Because of the second most important factor regarding man made diamonds–their cost is much less than natural diamonds.
Generally it is reported that man made diamonds are approximately 30% less costly to the consumer than a similarly graded natural diamond. In fact we have seen savings closer to 50% on some man made diamonds on a regular basis.
Considering that the average diamond engagement ring today across the U.S. is just over $6,000 the savings to the consumer can be around $1,800 (30% less) up to $3,000 (50% less).
Now that’s never true all the time but it is remarkable how much money can be saved in the man made diamond market.
Lastly the other major issue ,I think, is the future value of the man made diamonds.That is an unknown.
Now you can consider many things with this unknown factor. Natural diamonds have always gone up in value over time. Their price has gone up and down in any one period of time but.. …“MAN ! I WISH I HAD SOME MORE OF THE 2CT DIAMONDS I SOLD 10-15 YEARS AGO FOR $5,000 TO $6,000 SQUIRRELED AWAY IN THE BACK OF MY VAULT!!”
Well, I don’t. The diamonds selling today similar to what I sold 10-15 years ago are now upwards of $12,000-$15,000.
Man made diamonds have seen a decrease in price recently and there is a great fluctuation in price seen in the jewelry industry of late. No one knows what will happen.
But if you’re not expecting to ever sell your diamond ring and more so expect it will become a family heirloom to pass down to family and you want to save thousands of dollars in purchasing it then perhaps man made is your best option.
We have had 60 year old business owners buy them to get a large diamond, 3 carat and up, in a high color and clarity with no hesitation because they are saving thousands of dollars and wearing “real” diamonds that in every way is bigger and better looking than a natural diamond
Diamond stud earrings are also a much better buy, money and looks-wise, in the man made diamonds.The customer buying those doesn’t care much about appreciation of the diamond value because they don’t look at them as an investment that they want a return of dollars on. They just want big,beautiful stud earrings at a better price than an Earth mined diamonds.
So those are the 3 big practical concerns I see as important when considering these man made, laboratory grown “real” diamonds.
1-They are diamonds. Not CZs,not Moissanite.They have the same optical qualities,light refraction and hardness as any Earth mined diamond.
2- They are much less expensive than a man made diamond of very similar quality.
3- We do not know how much they will be valued at in the future.
And again,guess what? If you don’t want to consider man made diamond jewelry then you are in the majority. Natural diamonds still outsell man made diamonds by a huge factor,some industry studies show 20 to 1.And most jewelry stores and online sellers still have most of their jewelry made with natural diamonds.
But if you are intrigued by this newer technology and the really beautiful products that it can create in a lab then you might want to stop in to your favorite jewelry stores and have a look for yourself.