Mined diamonds are a waste of money, an expert says. Here’s why
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Lab-grown diamonds sell for one-quarter of the price of traditional ones and an Australian wholesale broker says he can’t tell the difference. When Steve Richards, a gemologist trained to identify grades of precious jewels, was considering a Christmas present for his wife, he settled on a pair of diamond earrings.
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These diamonds, however, were not formed deep in the Earth over millions, or billions, of years, and brought to the surface through volcanic eruptions. They were grown in a lab over a matter of weeks, and bought for a fraction of the price. “They [look] identical to mined diamonds in every way; they have the same physical properties as they are both carbon,” said Richards, from Australian Diamond Wholesale Brokers.
“I’m a gemologist and a diamond technologist and I’ve been doing it for 30 years and if you put one next to the other I wouldn’t have a freakin’ clue which is lab grown. “I wouldn’t buy mined diamonds again; you’re wasting your money.”.
Natural diamond prices have collapsed to the lowest levels this century, according to Bank of America research, prompting widespread production cuts and mine closures. The price of some diamond weights – carats – have almost halved from the high prices struck three years ago after the early pandemic spending splurge subsided.
Even the world’s dominant diamond producer, De Beers, was forced to make rare price cuts late last year of between 10% and 15%. Advocates of natural diamonds concede the industry is in turmoil, as a cost-of-living crisis, subdued demand from the traditionally reliable Chinese market, and the rise of synthetics upend the sector.
