Will New Yorker’s Go For “Synthetic” Diamonds?

We had a person come in asking if we buy diamonds this week.  We do not purchase diamonds, but one of our customers at our counter did, and he was interested. After examining the stone, our customer said he would certainly buy it. That’s when the salesman made a stunning reveal: this impressive diamond was actually lab-grown, and he was trying to educate dealers and jewelers about them. Granted – the lab-grown diamond we looked at was very impressive. But, will they sell in the Diamond District?

“Synthetic” is actually somewhat of a misnomer, since these diamonds are not imitations but made with pure carbon – just like natural diamonds. Laboratories have been growing diamonds for industrial applications since the 1950s. Only recently has the technology advanced to the point where gem-quality diamonds can be grown. And now that they’re available, they have many advantages over natural diamonds:

  • The process is highly controlled, lab-grown diamonds are free of inclusions
  • Since they are lab-grown, they are 100% eco-friendly and conflict-free
  • Even though the process is difficult and time consuming, lab-grown diamonds cost about 50% less than their natural equivalents
  • Depending on the manufacturing process, they can have superior physical characteristics (like hardness)

However, designations like “synthetic” or “lab-grown” carry certain connotations – and New York’s jewelry buyers are a very discerning crowd. That explains why the person at our counter waited until he had a sale before revealing the diamond’s origin. What do you think? Would you give, or love to receive a lab-grown diamond? Let us know on our Facebook page.

 

Manhattan Gold & Silver Update

We’re currently open from 9:30am – 4:00pm Monday-Friday.  Customers are now allowed to enter the exchange with a mask and witness melts as usual.

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