Lab-grown diamonds are changing the gems business
BETHEL PARK, Pa. (KDKA) — Valentine's Day is a big day for wedding proposals, which means diamonds.
According to jewelers, more and more people are opting for lab-grown diamonds.
When putting a ring or pendant on the one you love, diamonds are still the top rock. But how and where diamonds are produced has changed a lot.
There are the traditional mined diamonds.
"Mined diamonds take over 1 million years to form," said Bob Taylor of South Hills Jewelers.
And then there are lab-grown diamonds.
"Lab-grown diamonds are exactly what it is. It's grown in a lab. It takes six to 10 weeks, mass-produced," Taylor said.
Each is a real diamond and is hard to differentiate.
"Not even a jeweler could tell the difference without special equipment," Taylor said.
Taylor said the number of people buying lab diamonds has skyrocketed over the last few years, with one group of people buying them most.
"The millennials love them. You get a lot of bang for your buck," he said.
A mined diamond that is 1 1/2 carats costs $22,000, while a lab-grown diamond is cheaper, by a lot.
"You can buy a 3-carat diamond of high quality for $3,000," Taylor said.
"That's why you see a lot of big diamonds on young people," he added. "They're so affordable."
That said, Gen X and Baby Boomers still lean toward the diamonds pulled from the dirt, and those diamonds will always hold their value.