Lab-grown diamond vs. Mined Diamond
The fact that lab-grown diamonds can now be talked about in the same circle as Mined diamond only goes to show the level of innovation that has taken place in their design and manufacture to ensure that their quality matches or even exceeds that of naturally mined diamonds. The two types of diamonds are compared below, outlining the pros of purchasing one over the other.
- It matters where it comes from- one of the perks of conflict, especially in areas rich in mined diamonds, is that it leads to illegal mining rings that force the local people to work in mines to make a profit. Diamonds mined this way eventually finds it’s way to other parts of the world who claim to frown at such kind of working conditions. Even the Kimberly Process is not enough to ensure that these diamonds are not sold on the diamond market. The only way the origin of diamonds can be known for sure is if they have manufactured in a lab as lab-grown diamonds. This eliminates the human rights concerns resulting from the origin of the diamonds.
- The process of obtaining mined diamonds show little regard for the environment. In various parts of the world where diamonds are mined, large holes are left over after mining, and heavy machinery capable of releasing toxic pollutants to the atmosphere is utilized extensively during extraction. This is not the case with lab-grown diamonds. Renewable energy can be utilized in the production of lab-grown diamonds, reducing the impact of the diamond production process on the environment, and the process is also sustainable.
- Check your pocket- one significant advantage that lab-grown diamonds have over mined diamonds is the fact that they are less expensive than mined diamonds. Today, lab-grown diamonds are 20 to 40% less expensive than mined diamonds of the same quality. The result is that for roughly the same cost, it is possible to purchase a lab-grown diamond that is bigger than its mined diamond counterpart.
- One of the most challenging types of mined diamonds to obtain are the colored diamonds as these diamonds are usually so expensive that only the very wealthy can obtain them. Lab-grown diamonds level the playing field in this regard as they can be commissioned to meet the demand of the customer. Most colored lab-grown diamonds cost slightly more than the white diamonds. This opens up many possibilities to utilize lab-grown diamonds in providing a colorful experience during events such as engagement parties, bridal showers as well as fashion shows. This only helps to bolster the market for lab-grown diamonds as they are cost-effective for many luxury events.
There are undoubtedly many advantages to purchasing lab-grown diamonds. However, one disadvantage of the production of this type of diamond is that the specialized processes required in production mean that most developing economies cannot utilize it. This automatically reduces the relevance of developing economies in the diamond trade since most of them possess mined diamonds and do not have the expertise to venture into lab-grown diamonds.