(WBBM NEWSRADIO) — Artificial diamonds will allow consumers to get more bling for their buck this holiday season.
Lab-grown diamonds are the result of a process whereby pure carbon is heated and pressurized into a diamond. The process dates back to the 1950s, when artificial diamonds were used for industrial equipment. It wasn’t until the early 1970s that a gem-quality diamond was refined.
For decades, prices for lab-grown diamonds were high, but as diamond industry analyst Paul Zimnisky told the WBBM Noon Business Hour on Monday — those prices have changed.
“As the technology, and as production is ramped up and economies of scale are realized, the price has been declining on a pretty steady basis,” he said.
That’s turned artificial diamonds into an affordable option for consumers.
“Natural diamonds are a non-renewable natural resource, so there’s a completely different price fundamental basis to them and, because of that, you can now buy man-made diamonds that are as much as 90-95% less than an equivalent quality natural diamond,” he said.
Global sales for lab-grown diamonds hit $12 billion in 2022, up 38% from 2021.
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