A recent report by 9News highlighted the growing popularity of lab-created diamonds, especially among younger consumers, and the significant impact this shift is having on traditional jewelers who specialize in natural diamonds.
Steve Richards, from online jewelry retailer Eco Lab Diamonds, spoke with reporter Mimi Becker and explained that the affordability of lab-created diamonds is hard to ignore. “The savings are astronomical,” Richards said. “You can buy a [lab-created] diamond from me for $2,000, but in stores, they’re priced around $12,000 to $15,000.”
Roy Cohen of Diamond Certification Laboratory echoed this sentiment, noting that lab-created diamonds are making elegant jewelry accessible to a wider audience.
However, this viewpoint was challenged by Melbourne jeweler Simon Kushnir of Kush Diamonds. He argued that lab-created diamond jewelry diminishes the emotional value that consumers place on these pieces. “The resale value is zero; you won’t get anything for it,” Kushnir stated. “You want to give her something valuable and treasurable to represent your commitment, or a fake stone?”
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