As outlined, we believe that lab-grown diamonds may not be a good financial choice because they may not retain value in the future. We also think they lack the romance and allure of natural diamonds while not necessarily providing any environmental benefits (this is still up for debate).

Sales of lab-grown diamond jewelry soared 51% in the 12 months leading up to November, while sales of loose lab-grown diamonds grew 47%, Tenoris data shows. But prices for lab-grown diamonds have actually been declining since 2015, the year they first started to become mainstream.

Younger generations are now opting for man-made diamonds over their natural counterparts. Millennials and Gen Z are leading the charge in embracing these lab-grown gems. This is challenging long-standing traditions and reshaping the way we think about luxury and sustainability.

Lab grown diamonds are an excellent alternative to mined diamonds. Not only are they physically identical, but they're also sourced responsibly and are more cost-effective. Some of the biggest advantages of a lab created diamond include: Fewer defects.