Lab Grown Diamonds vs Mined Diamonds
When most people think of diamonds they often consider their inherent status, high desirability, and difficulty to obtain. All of these different characteristics play into what makes a diamond more than just a mineral. Factors such as having to source diamonds from all over the world, the stronghold of established diamond suppliers controlling the supply, and the decades old market perception have all kept diamonds a rare commodity with little change in the industry. That is until lab grown diamonds started gaining popularity in the once undisrupted market.
What are Lab Grown Diamonds?
Lab Grown (LG) diamonds, also known as man made diamonds, lab made diamonds, or cultured diamonds are as the name suggests, made by human intention in a laboratory environment. Diamonds are traditionally formed over billions of years through the constant and immense pressure of the earth. Lab grown diamonds are created by simulating this process in a controlled and concentrated environment, allowing for fully formed diamonds to be produced in a matter of weeks.
Lab grown diamonds are most commonly formed through two different methods: Chemical Vapor Deposition (CVD) and High Pressure High Temperature (HTHP). Both start with diamond seeds being exposed to carbon.
CVD diamonds are heated with microwaves that create a plasma from the carbon and diamond seed. At a high enough temperature, gas molecules break apart allowing the carbon to bond with the seed, initialing the growing process.
HPHT diamonds simulate the natural growing process by applying high pressure to form the diamonds. By applying high pressure and extreme heat to the carbon and diamond seed the two are slowly bonded together forming a diamond.
Growing diamonds is an expensive process due to the machinery and materials needed. Being able to provide the best lab diamonds is a difficult task but the strenuous labor put into forming diamonds over a matter of weeks is a fair trade off compared to the billion year comparison.
What are the Differences Between Lab Grown Diamonds and Mined Diamonds?
The main difference between lab grown diamonds and mined diamonds is their sourcing. Traditionally diamond suppliers only had one option, to find diamond depositories and put in the labor to mine, clean, and shape them before sending them around the world to be sold. Lab grown diamonds are formed in a lab, allowing for the diamond formation process to happen in a shorter period of time. This also means that lab grown diamonds are able to be replicated with ease, allowing there to be a consistent level of quality across all diamonds supplied.
Laboratory grown diamonds are made with the same chemical makeup of mined diamonds. When comparing a lab created diamond with a mined diamond, side by side, they are indistinguishable to the human eye. Although they have two different methods of formation the end product reflects what they truly are, diamonds.
Benefits of Lab Grown Diamonds
Laboratory diamonds are an exciting industry that offer many benefits to the consumer, as well as the world at large. An industry report run by Kenneth Research estimated that the market value of lab grown diamonds was valued at $16.2 Billion in 2015 and estimated to reach $27.6 Billion by 2023. While still an emerging market, lab grown diamonds are showing that they are to be taken seriously and can offer many solutions to where mined diamonds have left controversies.
Price
Lab grown diamond companies, such as Jack-Joseph, are perfecting the methods of producing quality diamonds at a pace that rivals traditional production of diamond suppliers. Bain & Company reported that the production of lab grown diamonds increased from 15-20% between 2018 and 2019. Due to this large output of diamonds, lab grown diamonds prices average about 25-30% lower than a mined diamond of the same size and luster.
Sustainability
One of the biggest improvements on the diamond industry that lab diamonds offer is a solution to the issues of sustainability and political controversy. Traditionally, diamonds are found in specific parts of the world (Africa, Brazil, Australia,etc) and sent far from their original source to fulfill first world needs for jewelry and manufacturing. This displacement of natural resources and the mass shipping to meet demands leaves a toll on the environment where those living near diamond supplies face the brunt of the consequences.
Manufactured diamonds remove this problem because they are created in a controlled environment, usually more localized to their market than mined diamonds. In the case of Jack-Joseph, we source our diamonds from labs located in New York, using recycled metals. By keeping production within the country of our operation we keep our impact on the environment, and the world beyond us, at a minimum. The efforts of us and our contemporaries to minimize the ethical impact of the diamond industry are why lab grown diamonds can also be referred to as eco diamonds.
Variety
Since the process of the laboratory diamonds is boiled down to a precise science, it allows for a vast variety of diamonds to be offered. The best lab grown diamond companies will offer diamonds of different colors and sizes. Pink, yellow, and blue diamonds are just some of the varieties that have become commonplace in lab grown diamond producers product lines. By increasing the ratio of elements and implementing different color pigmentations we are able to provide more than just your average diamond, we can fulfill your needs to your best desire.
Accessibility
One of the biggest issues in the diamond industry is the scarcity of diamonds. As stated previously, diamonds are mined all over the world but what happens when these mines dry up? Like any natural resource, there are only a finite amount of diamonds on the planet. The diamond industry knows this and limits the supply of diamonds provided to the market, maintaining their traditionally high price.
Before the rise of lab grown diamonds, traditional diamond suppliers were allowed to uphold these prices as consumers didn’t really have a choice, aside from not buying diamonds at all. Now consumers are finally given a true choice that is shaking up the once stagnant diamond industry.
Since the only limitation that lab diamond growers have is their access to materials, they can price their diamonds below the market average. This makes lab diamonds a true alternative for those looking to buy diamonds and can’t afford the high, fixed prices. Having a lower price also catches the attention of consumers and gets them to learn more about what lab grown diamonds actually are. This is why lab diamond prices are so much lower than mined diamonds.
Conclusion
Disruptors have been changing the landscape of all sorts of industries. Whether it be ride sharing or online shopping, new methods of providing customers with better goods and services have made those traditional industry figures aware that they can’t rely on things staying the same. Consumers are always looking for a better deal or an easier way to do things. The diamond industry has stayed stagnant for too long and the negatives and controversies of their actions have become too apparent for consumers to ignore.
The best man made diamonds can offer an alternative to consumers, giving them more options when it comes to size and design. When it comes to Jack-Joseph, we want to make sure you don’t just get any diamond but a diamond that you’ll really love. By expanding the possibilities and showing you that you can get a special jewel for a more realistic price, we hope that you will find just what you’re looking for.