Same same, but different: How lab-grown diamonds are taking over the jewellery market

The allure of the lab-grown diamond.

Lab-grown diamonds are everywhere, so what are they and what makes them different to natural mined diamonds? We took a deep dive.

"They are both pressurised carbon," The Cut Jewellery founder Talitha Cummins told A Current Affair.

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"One comes from the ground, the other one's manufactured in the lab, the end result, though, is identical," Australian Diamond Company Director George Bakoulas said.

Created in laboratories throughout China and India, man-made diamonds have the same optical, physical, and chemical properties as natural diamonds.

They're made using either high pressure, high-temperature technology or chemical vapour.

"They're exactly the same product. They're identical," Bakoulas explained.

"So I think that creates a bit of a dilemma for a lot of people, because it's not like you're getting a fake handbag or a fake watch or anything like that. They're ultimately exactly the same thing."

It's just that one took billions of years to form deep within the Earth's mantle and the other is one of millions, made by man every year.

The same thing, with different price tags.

"I would say the lab-grown diamonds are probably about 70 per cent to 80 per cent more affordable," Bakoulas said.

"I really think the introduction of lab-grown diamonds has been a positive thing for our industry, because it gives the consumer choice."

Lab-grown diamonds have been making a splash in the jewellery industry since 2018.

They now make up 70 per cent of Cummins' business.

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"Even up to a couple of years ago, there was a real stigma around lab-grown diamonds, but that's dissipated in the last couple of years as people understand more about what they actually are," she said.

"There's really a strong demand for lab-grown diamonds. They've democratised the market, and they just essentially mean that you can get a larger stone for your money," Cummins said.

But in Melbourne, Bakoulas said he's starting to see consumers swing back towards purchasing natural diamonds.

"Ever since there was a big take-up of lab-grown diamonds, we've started to see the pricing of natural diamonds come down considerably," he said.

"In fact, I think it's probably the lowest I've seen natural diamonds in terms of pricing for quite a long time.

"It's been a bit of a win-win for everybody if you ask me."

Bakoulas has noticed customers opting for a lower-quality natural diamond over a near-perfect lab-grown.

"Because they want people to be able to distinguish that there is a little bit of yellow tinge, so it must be a natural," he said.

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The only way to tell a natural diamond from a lab-grown diamond is by putting it into a machine that detects the origins of the diamond.

Jewellery Valuations Australia director Marek Diug uses his machine daily when valuing jewellery.

"I can tell the difference between a lab and a natural diamond. But it is my job. I do it every day, but to be 100 per cent certain, I always put it in a machine to make sure," Diug said.

"The machine saturates the stones with UV light and then gives us a result, telling us whether it's natural or lab-grown."

Bakoulas compared lab-grown diamonds to IVF in humans.

"A good way to think of it is like conceiving a child naturally, or conceiving a child through IVF. The product or the outcome is the same, and you can't identify it," he said.

Many people opt for lab-grown diamonds for ethical reasons, he said.

"We have a big customer base that purely choose lab-grown diamonds because they want to be sure that their diamond is ethically sourced."

No matter your thoughts, the experts say these man-made sparklers are here to stay.

"I think lab-growns can make people's dreams come true," Cummins said.

"It's a difficult time that we're living in. People are struggling to make ends meet, and I think this gives younger people a great option."