There is a great deal of confusion centered around the diamond industry at the moment, and it focuses on the development of LGDs, also known as Lab-Grown Diamonds.
Those working to reproduce a science mastered by Mother Nature claim that these look-alikes are identical to the stones that were created deep beneath the earth’s surface. Claims like these are causing buyers great confusion.
FTC Steps in to stop fake claims surrounding Lab-Grown Diamonds
In 2018, the governing agency changed the rules covering the industry to protect Americans from misleading claims. No longer would LGD manufacturers and retailers be allowed to sell LGDs as “diamonds” without clarifying their origins, nor could they suggest that the stones were ethically sourced or eco-friendly without substantiation.
After all, it takes great amounts of energy to manufacture the stones in a laboratory. Human-made diamonds are made in one of two ways, high pressure, high temperature (HPHT), or chemical vapor deposition (CVD). Each consumes vast amounts of energy. That energy generally comes from a power grid relying on coal or natural gas. Neither of those is environmentally sustainable.
It’s a Matter of Ethics: How LGDs Have Come Up Short
Despite the false claims, LGDs are not natural diamonds. Popular myths resulting from the intentionally confusing marketing schemes have claimed that the LGD market is leading from an ethical standpoint, but while the FTC has had to step in to shut down fake claims, the diamond mining industry has made huge gains in reducing the environmental strain, to improve employee safety, and to use cutting-edge technology.
All these efforts have made it easier for people to find and buy a genuine creation of natural diamonds that were sourced in an ethical manner. The diamond industry is one of the most closely and strictly regulated in the world. That is a wonderful fact that helps to ensure that everyone has access to family heirlooms with positive stories behind them.
Natural Diamonds Remain the More Popular Choice for Meaningful Moments
The natural diamond remains the superior choice for meaningful moments in life. Natural diamonds, popular and able to retain value, are preferred in those times because of the longevity of the stones. The compounding terra of the Earth took millions, even billions, of years to create the perfect stone. What better symbol could there possibly be for a partnership that will stand the test of time?
What is the Real Value of Lab-Grown Diamonds?
The real value of lab-grown diamonds comes from their use in reasonably priced fashion jewelry. Natural diamonds require millions of years for proper formation and then must be mined from the earth. LGDs are manufactured in cold, sterile labs in as little as a few months.
Therefore, the price point at which manufacturers can turn a profit is substantially different. Also, there is the matter of which stone is apt to hold its value. The prices of natural diamonds have long made reliable gains, whereas LGDs are not apt to retain much value beyond the initial purchase.
For both reasons, natural diamonds sell at greater prices than LGDs. Because they sell at a fraction of the price, LGDs make fun, pretty pieces, but they remain a substandard substitute for the real deal.
There truly is no substitute for the real thing, even for the younger generations.