Lab Grown Diamond Engagement Rings & the Long Term: Are Lab Grown Diamonds Good for Engagement Rings?
It all comes down to what you are looking for. Other than the absence of nitrogen, lab grown diamonds are 100% chemically identical to natural diamonds. And while they are several million years younger, the advanced technologies of CVD (Chemical Vapor Deposition) & HPHT (High Pressure, High Temperature) have made growing diamonds in a lab an extremely efficient process. Bear in mind however, that although synthetically manufacturing diamonds in a laboratory eliminates any questions about ethical mining, the creation of diamonds does require a very significant amount of energy.
The most common question that consumers have about lab grown diamond engagement rings is not about their production, though. People want to know whether they will hold their value over time.
The Lab Grown Diamond Market
The answer is almost certainly not. The diamond market has become increasingly saturated with lab grown diamonds. As consumer awareness has steadily risen about these engineered alternatives, more and more people have been flocking to them. On average, lab grown diamonds cost anywhere between 60-85% less than natural diamonds. Shoppers are finding that they can enjoy the marvelous dazzle and sparkle of diamonds without breaking the bank, even if that means their diamond jewelry pieces are less prestigious than their natural counterparts.
Remember, the value of diamonds has always been in their rarity, they are products of a process that takes mother nature millions of years to actualize. In contrast, the phenomenon of a man-made laboratory shortcut has only been around since the 1950’s. In terms of supply & demand, it’s important to understand that lab grown diamonds are relatively new and can be produced without limitation. They are still undergoing their market test.
According to current market forecasts, the steadily rising trend of lab grown diamonds is predicted to increase over the next few years and then begin to taper off. Their prices have been falling and this will affect their long-term demand, even with factoring in their enticing low cost.
As to whether a lab grown diamond ring is right for your engagement ring, it all depends on what you expect from this once-in-a-lifetime purchase. Historically, a diamond engagement ring would cost a month’s salary but would be a safe bet for a long-term investment. It’s now a pretty safe bet that a lab grown diamond engagement ring will be difficult to resell and recouping your money next to impossible. If it’s size and sparkle you’re after though, the value that a lab grown diamond ring can give you far surpasses that of natural diamonds today and tomorrow, too. Your choice should be determined by which qualities are most important to you.
