Diamonds that are created in a lab are also known as synthetic diamonds. These diamonds share all their properties with natural diamonds. Lab-grown diamonds are preferred by people for a lot of reasons. One of the reasons is the price of these diamonds. In this blog, we will take a look at why lab-grown diamonds are cheaper than natural diamonds. Read more:
Why are Synthetic diamonds cheaper?
Production Process: Synthetic or Cultured diamonds are created in a controlled laboratory environment. This is done by using advanced technology and scientific processes. This leads to more efficient production compared to the diamonds that are extracted from mines. Mined diamonds are costly because a lot of effort is spent on extracting them. On the other hand, man-made diamonds are created in a lab with ease. Thus, synthetic diamonds are cheaper.
The rarity of Diamonds: Natural diamonds are formed deep within the Earth. It takes over billions of years to form under specific geological conditions. Due to this, diamonds are very rare. This scarcity leads to their high prices. On the other hand, cultured diamonds can be produced in a few weeks or months. The production of diamonds can be easily replicated. Due to this fact, there can be ample lab-grown diamonds in the world. Thus, there is a vast difference in the prices of natural diamonds and man-made diamonds.
No Mining Cost: Natural diamonds require extensive mining operations. This leads to significant costs related to extraction, transportation, etc. Lab-grown diamonds do not require these mining-related expenses as they are created in a controlled environment. Thus, the cost of lab-grown diamonds is reduced. There is also no need to pay extensive wages to mining workers. Synthetic diamonds do not require much workforce. This is one reason the price of cultured diamonds is less in comparison to natural diamonds.
Market Perception: There is a common misconception in the market that lab-grown diamonds are inferior to natural diamonds. However, that is not the case. Synthetic diamonds are on par with natural diamonds. They are identical in every way. But not everyone is aware of lab-grown diamonds. Thus, there is a difference in the prices of natural diamonds and synthetic diamonds. However, lab-grown diamonds have become more widely accepted. The market perception is gradually shifting.
Clarity and Quality: Lab-grown diamonds offer great control over their quality and clarity. Synthetic diamonds can be produced with fewer impurities and flaws. On the other hand, you cannot control the impurities and flaws when it comes to natural diamonds. Due to this, you can get a diamond that comes with less or no inclusions. Natural diamonds with no inclusion and blemishes are very rare. On the other hand, there can be plenty of diamonds with great clarity. Thus, the price of lab-grown diamonds is lesser than that of natural diamonds.