SYNTHETIC SPARKLES

How startups are banking on the customer base shifting to more affordable and sustainable diamond options

- PAROMITA GUPTA

In April, an X user made a post hoping women to side with him, "Getting your girl a lab diamond engagement/wedding ring is insanity." The reality was far from what he expected. Thousands of users, mostly women, responded stating "They are indistinguishable from each other," "Not crazier than a blood diamond," and "Dude. It's carbon." They say a diamond is a woman's best friend, indeed they'll know what they want the best.

BETTER THAN MINED: According to the Federal Trade Commission, diamonds are formed of pure carbon crystallized in the isometric cubic system, and other materials such as nitrogen and inclusions, small pieces of foreign objects. Majority of diamonds are not 100 per cent pure carbon. Since natural Earth-mined diamonds are formed deep under earth's surface over billions of years, it is rare and precious, pumping up its monetary value.

The technology behind lab-grown diamonds (LGD) dates back to the 1950s but wasn't available on the market until as recent as the early 2010s.

LGD takes approximately 6 to 10 weeks to be developed in a laboratory. Additionally, the unethical practices associated with mined diamonds has led to a rise in the sustainable alternative.

To put this in perspective, one Carat of G-VS2 GIA Certified mined diamond costs USD 4,000 while the grown alternative costs USD 1,200. Other factors which make it a preferred choice include the same value at a lower cost, gives space for making other investments, and the potential of appreciation in value.