As lab diamonds have gained popularity, the cost of all diamonds has dropped
As lab diamonds have gained popularity, the cost of all diamonds has dropped, per Axios.
As the popularity of lab diamonds rises, the overall cost of diamonds has decreased.
A recent survey by trade publication InStore revealed that approximately 63% of independent jewelers in the U.S. now offer lab diamonds, up from 58% the previous year.
The spike in natural diamond prices in 2022 was driven by high demand and limited supply in 2021. Independent diamond industry analyst Paul Zimnisky attributes this to the increased use of federal pandemic stimulus funds to purchase natural diamonds.
It's worth noting that in 2018, the FTC determined that lab-grown diamonds are indeed diamonds. According to the Gemological Institute of America (GIA), lab-grown diamonds share the same chemical and physical properties as natural diamonds. In 2019, GIA stopped using the term "synthetic" for lab-grown diamonds.
Jeweler Jean Dousset, the great-great-grandson of Louis Cartier, has identified an opportunity in the market for luxury lab-grown diamonds. Despite his background in natural diamonds, he opened a bespoke lab-diamond showroom in West Hollywood, offering designer lab diamonds in various sizes, ranging from 1 to over 18 carats, priced between $1,500 and $76,300 (excluding settings). Dousset believes this approach hasn't diminished the allure and beauty of diamonds; instead, it has reset the price scale and addressed the compromises buyers often face due to stone scarcity and cost.