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Savvy Money Saving Tips

All About Lab-Created Diamonds

We all know that the diamond is the symbol of love, devotion and fidelity in engagement rings today as it oozes brilliance and sparkle from every direction. A diamond is not only a gorgeous stone, but it’s also extremely durable, so choosing it as an engagement ring serves a practical purpose as well as being a beautiful symbol worthy of your love. 

The problem is that the process of shopping for a diamond can sometimes be an overwhelming one as well as an expensive one. You may find yourself unsure of what to look for, what a fair price will be for the diamond, what pitfalls you need to avoid, and simply put… where to start the diamond buying process. 

My answer? Choose a lab-created diamond. Today, “traditional” diamonds are being challenged by these chemically identical “clones”, as they are gorgeous, sparkly, and real, all while being sustainable.

Why Lab-Grown?

I recently read about how the diamond market is facing a huge deficit. According to a report by the Bain & Company and Antwerp World Diamond Center in 2019, the sales of rough mined diamonds is expected to decline by 25% while the demand for polished diamonds is going to rise by 10% or more. With the world looking towards sustainable growth, the choice for lab-grown diamonds is particularly high among millennials. In fact, according to MVI Marketing around 70% of millennials are moving away from conventional diamonds and considering lab-grown alternatives due to their low impact on the environment. 

But their sustainability isn’t the only appeal. Lab-created diamonds can be up to 40% less expensive than mined stones, even though their only true difference is their origin. Going with a man-made stone is absolutely the savviest way to buy a diamond engagement ring today. 

Lab-Created Prices

If you do decide to go with a lab-grown diamond, it’s important to do your homework and find the best diamond at the best price. Make sure you’re not overpaying or purchasing a diamond that isn’t certified. Lab-created diamonds are graded the exact same way as mined diamonds, so your stone should have a color, clarity, carat, and cut grade (unless you’re purchasing a ‘fancy-shaped’ diamond, in which case the cut grade with universally be ‘none’). 

It is likely that you’ll be able to find a 1 carat stone for just around $1,000. However, the quality of a diamond can increase/decrease the price just as much as the weight. If you’re unsure which grades are best, work with a diamond expert to find the perfect balance of all 4 C’s.

Other Savvy Tips

Here are some other savvy shopping tips to keep in mind when you’re purchasing your lab-created diamond engagement ring.

*Go with a carat size that is just under a full carat. For example, a 1.80ct stone vs a 2.00ct. Full carat sizes tend to be more expensive, even though the difference between the sizes is minimal.

*Purchase a halo-style engagement ring setting. The circle of smaller diamonds that outlines your center stone will help increase the appearance of your diamond.

*Look into elongated diamond shapes, such as emerald. These shapes tend to make your diamond appear larger than it really is.

*Buy your diamond online. With less overhead, eCommerce lab-grown diamond companies tend to have the best-priced stones.

Choosing the perfect diamond on a budget is quite simple. You need to know your budget, make sure that you are purchasing a certified diamond, and find the perfect setting for your recipient. And remember, always make sure that you are purchasing from a well known and reputable diamond website — checking 3rd party reviews beforehand is a must!

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