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EditorsJul 14, 2014
Another lab-grown poll
I received quite a bit of response from last week’s post concerning consumers’ thoughts on lab-grown diamonds, from both the trade and the people I polled. My article even sparked a more formal poll, on consumer-facing jewelry website PriceScope.
Here’s a response from one survey-taker, who apparently is not very good at keeping track of her valuables: “I’ve known about these for a few years, and I am a big fan. Good way to get some shiny stones without spending a wad of cash! The ethical aspect is nice, too. If given the choice, I would choose lab-grown (or even a really good CZ) to a real diamond for financial reasons primarily ... and also since I wouldn’t trust myself to wear the real deal and run the risk of losing it/them!”
Another respondent mentioned not only the lower cost of lab-grown diamonds but the lower cost of insuring the stone over the long term. Price also came up among the consumers who took the PriceScope poll.
On behalf of those who took my (again, very informal) survey on lab-grown diamonds, I decided to do a quick price comparison of lab-grown and mined diamonds to see exactly how the stones stack up today.
On Friday, a lab-grown, round 1-carat H VS1 diamond with very good cut on the website of Gemesis (now Pure Grown Diamonds) was about 25 percent less than a diamond of the same quality on Blue Nile (keep in mind that these are retail prices; this is a comparison of two loose diamonds being sold online direct to consumers).
Is 25 percent enough, keeping in mind that several of the women I polled did mention that lab-grown diamonds lack the romance associated with mined stones?
I am curious to hear thoughts from the trade. What do you believe is the price tipping point at which consumers willingly will swap their mined engagement ring for a lab-grown stone?
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