Pitch Engine
The Property Pack

.

Save on Diamond Encrusted Engagement Rings and Jewellery with Lab Grown Diamonds

  • Written by Reporters

If one was presented with the choice of choosing between two items that are 100% identical, but from different origins and the price of one is 50% higher than the other, which would be the most practical and sensible choice?

This is the exact scenario when consumers with the intention of buying a diamond engagement ring or jewellery adorned with diamonds as they have the option to choose between the less pricy lab grown diamonds and the pricy natural diamond which differ significantly in terms of price. Despite the big difference in price, lab grown diamonds and natural are identical in terms aesthetics to both the naked eye of consumers and as well as the naked eye of a trained gemologist.

Lab grown prices cost a fraction of the price compared to naturally mined diamonds for a wide variety of reasons which includes the less expensive method that is used to produce the diamonds compared to heavy duty and labour intense mining operations that is the primary reason for natural diamonds being as pricey as they are.

The fact that lab grown diamonds are created within weeks in contrast to the millions of years that Mother Nature takes to create these gems is also the secondary reason (scarcity of natural diamonds) as to why natural diamonds are so pricy (nothing to do with the quality of the diamonds as they are the same in every aspect of gems.

In some case scenarios lab grown diamonds possess higher quality than natural diamonds). The difference in price for diamonds that possess fancy colours or hues (bluish, pinkish or yellowish) are even higher, but with lab grown diamonds, these hues can be created by the professionals in a lab.

To provide readers with a better perspective of the amount of savings that they will benefit, in this article we will compare two engagement rings that are identical. The Delicacy solitaire which consists of a One Carat D-colour SI2 ‘natural’ diamond encrusted into an 18-carat white gold ring costs slightly less than $8,000, whereas the same ring with a lab grown diamond costs just slightly over $2,000 which is a difference of approximately 70%.

However, not all jewellers offer such start differences and most would offer a price difference of between 30 % to 50% lower which is still considered expensive for lab grown diamonds despite the fact that their quality is the same as natural diamonds. A good price difference between lab grown and natural diamonds would within the 60% range and this downward price trend for lab diamond is expected to continue well into the future due to intense competition.

Given the current state of the global economy and inflation, the practical choice when you buy diamonds should be lab diamonds given the fact that consumers are able to get more ‘bling’ at affordable prices. Lab diamonds have many other advantages that we will cover in future articles such as the environmental impact of diamond mining, conflict diamonds, and the numerous possibilities of lab grown diamonds with regards to customised diamonds that will hold higher value in future. 

More Articles ...

  1. Can I design my own house or do I need an architect?
  2. Learn How to Choose the Perfect Unique Engagement Ring
  3. NZ’s housing market drives inequality – why not just tax houses like any other income?
  4. Cash could be almost gone in Australia in a decade – but like cheques, who'll miss it?
  5. Why are we paying so much for alcohol-free drinks that aren't taxed?
  6. 1 in 5 Australian workers have non-compete clauses, making it harder to get better paid jobs: new survey
  7. Know thyself, know thy finances: which of the 5 money personalities are you?
  8. Tired of shrinking pay? The real drain on Australians' productivity is falling wages
  9. Toxic work cultures start with incivility and mediocre leadership. What can you do about it?
  10. Cutting GST on fresh produce won’t help those most in need – a targeted approach works better
  11. We know how to boost productivity and lift wages – but it will take time and much tougher tax reform
  12. Who needs PwC when consultancy work could be done more efficiently in-house?
  13. We need more than a 15% pay rise to beat the 3 nbsp;stigmas turning people off aged care jobs
  14. Don't blame workers for falling productivity – we're not the ones holding it back
  15. Need a mental health day but worried about admitting it? You're not alone
  16. Blacklisting PwC won't stop outsourcing: here are 3 reasons it has become embedded in the Australian public service
  17. Business is trying to scare us about 'same job, same pay'. But the proposal isn't scary
  18. Going down: the 6 graphs that show Australia's economic growth shrinking
  19. Why Reserve Bank Governor Philip Lowe wants to damage the economy further
  20. Self-interest versus public good: the untold damage the PwC scandal has done to the professions
  21. Labor plans to stamp out the exploitation of migrant workers, but it won’t succeed until we treat it like tax avoidance
  22. Don't blame Australia's lowest-paid workers if interest rates rise again
  23. There's more than reputation at stake: PwC faces penalties, including possible jail time
  24. 10 Australian companies have embraced the 4-day week. Here's what they say about it
  25. How raising tobacco taxes can save lives and cut poverty across the Asia-Pacific
  26. Closing the First Nations employment gap will take 100 years
  27. Making NZ's tax system fairer is a good idea – but this proposed new law isn't the answer
  28. It's time to end Western Australia's $4 billion-per-year GST bonus
  29. Will Albanese live up to his own promises to end pork-barrelling? There is a sliver of hope
  30. Why taxing the world's biggest companies at 15% won't fix the gaping hole in global tax rules
  31. I helped expose insurers for denying medical claims. 15 years on, a court has found what they did is illegal
  32. Working from home immoral? A lesson in ethics, and history, for Elon Musk
  33. Victoria shows Australia how to finally abolish stamp duty once and for all
  34. The rules for Afterpay, Zip and other 'buy now, pay later' providers are changing. What it means for you, and them
  35. Up to one in six recent migrants are paid less than the minimum wage. Here’s why
  36. Will Jim Chalmers' budget drive up inflation? Not likely – and here's why
  37. Sport is being used to normalise gambling. We should treat the problem just like smoking
  38. NZ's budget used a 'gender lens' for the first time – the result was a win for women
  39. Economists award Chalmers top marks for budget, but less for fighting inflation
  40. For a no-frills New Zealand budget it was ‘surprisingly frilly’: 5 experts on Labour’s big pre-election calls
  41. PwC scandal shows consultants, like church officials, are best kept out of state affairs
  42. Smart moves: how Auckland can get more for its money from on-demand public transport
  43. Are bigger super funds better? Actually no, despite what the industry is doing
  44. White-collar criminals benefit from leniency provisions in NZ law – why the disparity with other kinds of crime?
  45. Budget 2023 at a glance: major measures, cuts and spends
  46. Budget 2023: Budgeting for difficult times is hard – just ask Chalmers
  47. Jim Chalmers hands down a budget for Anthony Albanese's battlers
  48. View from The Hill: Chalmers' budget delivers modestly to the vulnerable while keeping the inflation ogre in mind
  49. Welcome to May 9 – the true Australia Day
  50. How removing parenting payments when children turned 8 harmed rather than helped single mothers