There are many reasons why lab grown diamonds should be your top choice over other alternatives, be it natural diamonds, diamond simulants or even gemstones. Lab grown diamonds are real diamonds which are chemically, optically and physically identical to its natural counterpart. To the discerning eye, they are not easily mistaken for diamond simulants like cubic zirconia or moissanite which appear more glassy; nothing can replace the beauty and sparkle of a real diamond. But here are 3 most obvious reasons why you should buy a lab grown diamond.
While not inexpensive, lab grown diamonds are considerably more affordable than natural diamonds by approximately 70%. Price differences ultimately depend on factors such as the 4Cs as the relationship between price and cut, carat, colour and clarity is not linear. For example, while a natural 2.00ct E VVS2 diamond can cost about S$40,000, an equivalent lab grown diamond might only go for S$10,000 (prices are only indicative due to frequent changes in Rapaport prices and forex rates, as well as the way different brands price themselves).
Natural diamond prices are pegged to a global standard known as the Rapaport Price List where the prices are controlled by the market forces of demand and supply. However, as there are corporations which control large proportions of the global diamond supplies, they are able to keep prices high, making natural diamonds unattainable for many. Lab grown diamond prices are also pegged off the Rapaport price list, but at a largely discounted price.
We often have clients asking us if it’s true that lab grown diamonds do not hold any value in the resale market. While that that is likely the case, the same is true for natural diamonds where they lose a significant amount in value once you leave the shop with your diamond jewellery. Even natural diamonds resell for less than 50% of their purchase price value. Apart from investment grade diamonds which start in the 7 figures range, diamonds should not be seen as assets that retain their value or appreciate, and any increases in the purchase price of diamonds throughout history should not be seen as otherwise.
Especially while we are in a generation where inflation is growing at an alarming rate, more so than the growth of our incomes, we will need to be more prudent in how we manage our limited resources. We are starting to see the trend where our clients appreciate the significance of a real diamond, but also having the financial freedom to top up their proposal with other gifts which provide additional value such as luxury watches and bags. Or simply just being able to afford a larger and higher quality diamond ring for the love of their life.
The diamond industry has been under a lot of scrutiny in recent decades in light of appalling practices that are often involved with the procurement and sale of natural diamonds. This is also evident in Leonardo DiCaprio’s film, “Blood Diamond” which revealed how diamonds are often mined in war zones and sold to further finance conflicts, where the workers are driven like slaves with disregard to basic human rights. Despite the creation of the Kimberley Process to put an end to conflict or blood diamonds, it has proved to be ineffective and has instead become a cover for conflict diamonds to hide behind due to the presence of loop holes and lack of transparency.
While there is no stopping lab grown diamond companies from secretly exploiting their workers, it is to be noted that it is on a scale and severity that cannot be compared with that of the natural diamond industry. If you want to fully enjoy the beauty and purity of a diamond, you will be able to sleep better at night knowing that the only thing you had exploited was a machine.
While there is a lot of greenwashing around the lab grown diamond industry, it is undeniable that there is a positive impact in going green with lab grown diamonds. Firstly, you eliminate the physical destruction of mother nature as there is no mining involved. Diamond mines cause irreparable damage to the environment, leaving a permanent scar in the landscape. It results in deforestation, soil erosion, and even chasing populations away in order to exploit earth’s resources.
Secondly, the amount of energy required to mine for diamonds is tremendous. There is no denying that growing lab grown diamonds consumes a decent amount of energy. However, in line with OECD’s goal of carbon neutrality by 2050, many companies will inevitably be forced to seek more sustainable ways to grow their diamonds. We are starting to see the use of renewable energy, or even using carbon from the atmosphere as starting materials. Concerted efforts also include taking it a step further to work together with charities and foundations that share similar sustainability goals in order to maximise the green impact we can have.
As the lab grown diamond industry grows, we hope to see that there is more concerted efforts to internalise this promising future in conscious consumerism, and The Better Diamond aims to be one of the driving forces to further this initiative.