Should You Buy a Lab Grown Diamond for Your Engagement Ring?
The Similarities and Differences Between Choosing a Lab Grown Diamond vs a Natural Diamond For Your Engagement Ring
Over the past 5 years Lab Grown Diamonds (alternatively known as man-made diamonds) have surged in popularity with millennials for their engagement ring purchase. Millennials are the next generation getting engaged, and are more value-oriented towards something they believe in when making a significant purchase versus previous generations. Millennials care about eco-friendly and environmentally responsible issues such as preserving the earth, climate change, and the future of our planet as a whole. They care about human rights issues, thinking about society as a whole and how we can protect those who are less fortunate than ourselves. Lastly, most millennials are the first generation projected to make less money over the course of their lifetime than previous generations!
That’s why lab grown diamonds have been geared and marketed towards millennials as a great affordable alternative to natural diamonds for their engagement ring purchase. Lab grown diamonds have nearly all of the same chemical and physical properties of a natural diamond, the main difference being that they were grown inside of a laboratory under intense heat and pressure in 4-6 weeks versus naturally under the earth’s surface over the course of hundreds of millions of years. After the man made diamonds have been grown, cut and polished, they look nearly identical to that of a natural diamond in visual comparison. That along with the fact that they are approximately 30-40% less in price has made the allure of lab grown diamonds for engagement rings very attractive for new retail consumers.
So what are the negatives about using a lab grown diamond for your engagement ring? While there are many pro’s for using a lab grown diamond for an engagement ring, there are some things to consider as well.
Over the years most people have viewed buying an engagement ring with a natural diamond as a financial investment in an asset class that has historically appreciated from generation to generation. The problem with lab grown diamonds is that they are a new product without a second-hand market already waiting for it. Natural diamonds have historical value and data behind them with a market of buyers, collectors and investors who have commoditized them with tangible value and are ready to buy them at a set price any day of the week if someone wished to sell. There is no established market or commoditized value for lab grown diamonds because they are “man made” and haven’t been popular long enough in society to know what their future resale value would be. Nobody wants to think about selling their ring in the future when they are buying it for the point of love, but thinking about the future value of the asset that you are purchasing is important to consider when making the decision.
As a private jeweler who specializes in custom engagement rings, JK & Co. offers both natural diamonds and lab grown diamonds to our clients as potential options for their engagement rings. We teach our clients everything there is to know about both options and ultimately leave it up to them to decide which route they like and what is going to be the best for them. Lab grown diamonds are a great alternative to natural diamonds for custom engagement rings, but the decision is personal and has to be right for you.