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Why are Some Lab Grown Diamond Rings More Expensive than Others?

It’s been twenty amazing years and through all the rough times and fond memories, your partner has only grown more endearing. As your wedding anniversary looms over the horizon, what better way to show your affection than an engagement ring upgrade. It’s time to elevate that ring from the small diamond you could afford when younger to a fantastic piece they truly deserve. You might want to consider a sustainable, cost-effective alternative – lab grown diamonds.

For decades, diamonds have remained the most popular choice for many variety of jewelry gifts. From Mother’s Day to wedding proposals, to those treasured anniversaries celebrating your love, presenting your partner with a diamond represents the depth of your affection and commitment. Not to mention the joy of showing off a new diamond ring or marveling at the beautiful natural light reflection from the precision cut.

As part of this journey to gift the perfect jewelry, many diamond aficionados are starting to look closer at lab grown diamond opportunities. So much so the market is expected to grow to over $37 billion USD by 2028. What are these new artisan stones, and how are they priced?

Lab Grown Diamonds

What are Lab Grown Diamonds?

It may seem like a piece of science fiction, but premium-quality diamonds can now be made inside a controlled setting. These are commonly known as lab grown diamonds or cultured/engineered diamonds.

Part of the reason they have become so popular with diamond engagement rings or handmade jewelry producers is that they do not carry any of the stigma of conflict diamonds. Instead of workers being paid pennies on the dollars for dangerous mining conditions, these pieces are “grown” in a lab.

The other reason is control. You can craft something truly unique with control over the 4 Cs of diamonds, unlike in the natural world. The result is a diamond that possesses the same physical, chemical, and optical properties as its natural counterpart.

Lab Grown Diamonds

What Makes a Lab Grown Diamond Expensive?

There are many reasons people may seek out lab grown diamond engagement rings. With many new entrants into the market, it can be a little hard to nail down the exact reason one ring may be more valuable than another. In general, you will find the prices on these pieces going up because of:

1 – Technology Behind Creation

A lab grown diamond is not a mere rock. These are carefully crafted pieces that require machinery, engineers, and software to properly finish. Technologies like High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD) are used to transform carbon and additives into extremely clear diamonds with various colors. The financial resources to maintain these operations come at significant costs.

2 – Availability and Scarcity

Though wedding rings embedded with natural diamonds have always been in vogue, lab grown diamonds are still relatively new. They only account for 7-10% of the total global market. Yes, they are becoming more popular, but that scarcity means even when they are lower priced than their natural counterparts, they still are in a low supply, high demand situation, driving prices toward the premium side of the aisle.

3 – The Luxury Factor

Luxury is always going to cost more. That is part of the entire allure, being something that only a few can afford. That exclusivity and the new age charm of lab grown diamonds in custom jewelry give customers a way to flaunt more than a gem. You are showing you appreciate the finer things in life and social responsibility. Both demonstrate you have the money to be choosey, increasing prices.

4 – Personalization and Customization

With the added control of the diamond you receive comes a piece truly tailored to your whims. You can request a lab grown diamond with blue hues that match your lover’s eyes or a particular angle to the cut that reflects more in the evening glow of Santorini’s cafés. When you get additional design, engraving, or sizing notes, it adds extra dollars to the final value.

5 – Remember the 4 Cs

Yes, lab grown diamonds have more control, but that doesn’t mean the 4 Cs (carat, cut, clarity, and color) suddenly go out the window. As with the wedding bands of their natural counterparts, these lab grown pieces will be drastically affected by the color or clarity of the diamond inside.

6 – Size Matters

Getting a larger-carat lab grown diamond is much easier than a natural one. That is because the producer can adjust the equipment and technology being used to create something of significant size. The larger the rock – the equally higher the price.

7 – Skill of the Diamond Cutter

Even though you are getting something crafted inside a lab, significant skill still goes into polishing, cutting, and designing the final piece. That skill comes at a premium. This is much like a beloved writer, musician, sculptor, or even tattoo artist. You are paying extra based on the reputation of that diamond cutter perfecting your diamond wedding band.

8 – Surge in Demand

Finally, there is a massive market surge in demand for lab grown diamond rings. That is because the popularity of options like moissanite engagement rings is skyrocketing. In the UK alone, couples seeking diamond engagement ring upgrades elevated to 36% of that segment’s demand. This could be based on the social responsibility factor or simply because more suppliers are entering the market. That demand is equally growing the prices of these items.

Lab Grown Diamonds

Wrapping Up

Whatever your opinion, lab grown diamonds are redefining the realm of jewelry. With cleaner ethical origins and often better price points based on control, you are likely to see more and more adoption of these items for handmade jewelry, engagement rings, and much more.

Want to know how the market of lab grown diamonds and many other hot topics will affect your future buying decisions? Give us a follow! At Gerard Rene, we pay close attention to the latest insights in the diamond and jewelry industries, so you only get the best advice, products, and topics to fuel your next purchase. Browse our collection, to start your custom design experience today!

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