There is an ongoing debate inside the jewellery industry on the merits of choosing a Lab-grown diamond versus a mined diamond. And I have written blogs on both.
But now, as we enter a cost-of-living squeeze, the price of your diamond jewellery will become even more critical.
What a lot of people are unaware of is that diamonds are traded and purchased in dollars. And the pound against the dollar is at an all-time low. Therefore the cost of both Lab-grown diamonds and mind diamonds has increased considerably.
However, with a lab-grown diamond a third of the price of a mined diamond, the impact of the increase in prices is less evident.
WHICH DIAMONDS DO JEWELLERY RETAILERS SELL?
That will depend on where you shop for your jewellery. For example, if you go to a high street jewellery shop, I expect you to see very little change as few offer jewellery made with lab-grown diamonds. I would expect them to mitigate the increase in mined diamond prices by reducing their margins and offering more significant discounts. And should you go to a designer shop, you will see them offering slightly lower grade diamonds as a starting point.
Online Jewellery retailers are now starting to sell both types of diamonds, allowing you to decide which diamond is right for you. They, of course, will offer the standard written information on both but no face-to-face help in making the right decision for you.
Jewellers that make jewellery to order are free to offer both diamond types because they hold no stock. So you are more likely to be able to provide free impartial advice.
SO WHICH DIAMOND SHOULD YOU CHOOSE?
I have been handmaking jewellery for over forty years, so you expect me to come down firmly in the mined diamond camp. But the truth is my position is probably more neutral.
Just like with mind diamonds, there are good and bad examples of both; if something appears too cheap, it is probably best to walk away. But a beautiful, well-cut, and polished Lab-Grown Diamond, I would have no issues at all in recommending it.
Not only would you be saving a lot of money, but you would also be helping the environment. But most importantly, you will not be able to see the difference, and it will not devalue your bespoke jewelley piece.
FIND OUT MORE
If you have any questions or would like some free impartial advice on which diamond to choose, it would be my pleasure to help you.