dashboard



Couples are swapping out natural diamonds in rings for larger, cheaper lab-made ones

Couples are swapping out natural diamonds in rings for larger, cheaper lab-made ones



Massive ring weighs nearly a pound and contains more than 24,000 diamondsReplayMore Videos ... (16 Videos)Massive ring weighs nearly a pound and contains more than 24,000 diamondsWalmart vs. Target: A tale of two retail resultsMisinformation, not machines, biggest election vulnerability, hackers sayHere's why a growing number of Americans are moving to MexicoHear financial expert's tips on how to prepare for a recessionEx-WeWork CEO sets sights on housing market with new startupElon Musk wants to end traffic. The company he built to do it may not deliver'It didn't get worse': Romans breaks down key inflation dataOnline shopping prices are starting to ease. Here's why that's significantHere's how the Inflation Reduction Act could affect youDoes Wall Street understand Netflix?Air conditioning is bad for the planet. Here are some possible solutionsHow to find out if the Equifax credit score error affected youFrontier CEO sees growth opportunity after failed merger with SpiritEconomist explains how the energy and health care bill will lower inflationHow new legislation would help US semiconductor makerNew York (CNN Business)Lab-grown diamonds have become so popular with consumers that some couples are asking jewelers to swap the natural diamond in their rings for a lab-created sparkler.

"Just last week we had three or four couples who've been married for a few years come to us to upgrade the diamond on the engagement ring," said Joel Klein, CEO of NY-based Ritani, an online seller of diamonds and fine jewelry, including engagement rings.Each couple wanted to replace the natural diamond in their rings with something bigger, opting for a lab-created diamond, he said. "It's not that we are seeing a decline in the natural diamonds business, but that growth in demand for lab diamonds is super strong," said Klein.Why lab-grown diamond sales are surgingRitani, which handled over 20,000 orders for engagement rings last year, deals in both natural and lab diamonds. The company maintains an inventory of over 300,000 diamonds for sale, a third of them lab diamonds. Jewelry made with lab diamonds currently now account for more than 50% of Ritani's sales,Klein said. Read MoreSeveral factors are fueling surging demand for man-made diamonds, industry experts say.Man-made diamonds look exactly the same as naturally occurring ones -- the only difference is the price tag. Lab diamonds cost significantly less for a much larger stone than a mined diamond of the same size, and they appeal to the eco-conscious and ethical sensibilities particularly of Millennials and Gen Zers.ADA Diamonds, which sells fine jewelry made with lab diamonds, said more couples are gravitating to engagement rings featuring the man-made gem.Juliet Gomes, Ritani's customer service manager, has recently helped couples upgrade to a bigger lab diamond. "If the original ring features a one carat natural diamond, now they're replacing it for a three or four carat lab-grown option for the same price or less than that original one carat original," she said.Ritani offers its customers the option to trade their natural gem for a credit towards the upgraded stone. While some choose to swap their natural diamond for a lab-created one, others turn their original stone into another piece of jewelry, like a pendant, said Klein.Lindsay Reinsmith, co-founder of San Francisco-based lab diamonds jeweler Ada Diamonds, said she, too, frequently sees clients who are upgrading from a mined diamond to a lab diamond in their rings.Men want pearls and they're not afraid to wear them"Not only is this a common occurrence, but we're also seeing a significant increase in clients coming to us for a lab diamond who are getting married a second time," she said. "They may have had a mined diamond for their first marriage, but they opt for lab grown for their second."Not all customers who upgrade are focused only on switching to a larger sized stone. "They are also looking at the quality of the lab diamond and want it to have some element of sophistication to it," Reinsmith said. Bridal jewelry seller Ritani said couples are choosing to replace natural diamonds in their rings with much larger man-made diamond.First-time buyers of engagement rings are also showing a strong preference for lab grown stones.July data showed the number of engagement rings sold that featured a manufactured diamond jumped 52% compared to last year. Meanwhile, the number of engagement rings sold with a natural diamond declined 28% in the same period. "Consumers want to maximize their budget, they want to spend as much and get a bigger diamond with a better color and clarity.", said Edahn Golan, an industry analyst and founder of Edahn Golan Diamond Research & Data. Key supply of diamonds caught up in Russia sanctionsThe average total carat weight of a lab-grown diamond for an engagement ring in the US is 1.42 carat, priced at about $3,800. That compares to an average total carat weight of .081 carat for a natural diamond, priced at about $4,209, said Golan."It's a significant difference in size that is visible to the eye and for less price," he said.In further evidence demonstrating the acceptance of man-made diamonds, Pandora, the world's largest jewelry brand, on Tuesday announced it was launching lab-created diamond jewelry in the U.S. and Canada on Aug. 25th.Its 33-piece collection, called Pandora Brilliance, includes rings, bangles, necklaces and earrings featuring a solitary lab-created diamond set within sterling silver, 14K yellow gold or 14K white gold. "Lab-created diamonds are just as beautiful as mined diamonds, but available to more people and with lower carbon emissions. We are proud to broaden the diamond market and offer innovative jewelery that sets a new standard for how the industry can reduce its impact on the planet," Pandora CEO Alexander Lacik, said in a statement.


Click Here To Get Funded!