Editor’s Note
This article explores how the rising popularity of affordable, lab-grown diamonds is challenging the traditional allure and exclusivity of natural stones, prompting a reevaluation of what makes these gems truly precious.
The Status of Diamonds is Crumbling
Taylor Swift or Georgina Rodríguez impressed with their diamond engagement rings. Those who wish to emulate them can save a lot of money thanks to lab-grown stones. But what then remains of the aura of exclusivity?
The Ring on Georgina Rodríguez’s Finger
The ring on Georgina Rodríguez’s finger is said to have cost at least two, possibly even five million dollars. When the Spaniard’s engagement to Cristiano Ronaldo was announced, the huge diamond on the piece of jewelry was impossible to miss.
In contrast, Taylor Swift’s engagement ring looked almost modest. In the American “Vogue,” an expert estimated that a ring with a natural diamond of that size could have cost between 400,000 and 800,000 dollars.
“The diamond obviously stands for status, wealth, and power, but today also for love,” says Helen Molesworth, diamond and gemstone historian at London’s Victoria and Albert Museum. “In ancient India as well as among the Romans and Greeks, diamonds were primarily reserved for kings and rulers.” Although there were isolated engagement rings among nobles in the Middle Ages, it was not until the 20th century that diamonds were purchased for proposals among the broader population.
Today, the tradition of the diamond engagement ring is established. That’s why the large rocks still generate great public astonishment – and speculation about their million-dollar value. However, the appearance of expensive exclusivity could be deceptive. So-called synthetic diamonds or lab-grown diamonds have sustainably changed the market. Ten years ago, they accounted for less than one percent of the global market. According to Paul Zimnisky, an expert on the diamond market, synthetic goods now account for about 20 percent.
The Price Advantage
This is due to the price: According to Christine Marhofer, founder and CEO of Nevermined, a German manufacturer of synthetic diamonds, lab-grown diamonds offer a price advantage of up to 70 percent compared to mined diamonds, and even more for colored diamonds. With other suppliers, the difference is even more than 90 percent. Christopher Zöttl, a gemologist and owner of a jewelry store in Munich, also confirms that demand for lab-grown diamonds is rising. In 2024, the share of synthetic diamonds in his business increased from 10 to 70 percent compared to natural diamonds.
“Someone who would have bought their partner a natural half-carat stone in the past is now more likely to take the synthetic one- or two-carat stone. For the same budget, you get something bigger from the lab,” he says. A ring with a natural two-carat stone costs between 15,000 and 20,000 euros, while a ring with a synthetic diamond of the same size and quality can be had from 3000 euros.
Hardly Any Difference to the Eye
In terms of hardness, durability, and purity, lab-grown diamonds are almost identical to their mined counterparts, which formed over many years. Even experts cannot distinguish the two variants with the naked eye; they need special equipment for that. However, the differences can be clearly identified in the laboratory.
“Synthetic diamonds clearly differ from natural ones in their growth structures and spectral properties,” says Laurent Cartier, a gemstone researcher at the Swiss Gemmological Institute.
“When you wear a diamond ring on your finger, you’re telling the world, someone loves me.”
