He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.
“The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said.
“This is substantially less – as much as 73% cheaper – than a natural diamond of the same size, cut and clarity as the man-made diamond, which would cost $8,740,” he said.
“A lab diamond is a real diamond, but maybe it took a few weeks to make it,” said Golan.
There is, however, one important consideration for anyone buying lab-created diamonds: Man-made diamonds have little resale value.