Scanlon Jewelers founder Todd Scanlon sat down with the Buffalo News to discuss the value of a Lab Grown Diamond and their current role in the market. - Sept. 2023
“Five years ago, lab-grown diamonds were about 20 percent less expensive than their earth-mined counterparts,” Scanlon says. “Now they are anywhere from 80 to 90 percent cheaper.”
Scanlon didn’t enter the lab-grown game until two years ago, once he was sure prices were at their lowest. Even with decades of experience, he says he can’t spot a lab-grown stone from an earth-mined one – even under a microscope.
“A lab-made diamond acts exactly the same as a traditional diamond. It looks exactly the same as a traditional diamond,” he says. “There’s no way for me to tell them apart without special equipment to detect certain trace metals.”
“A lab-made diamond acts exactly the same as a traditional diamond. It looks exactly the same as a traditional diamond,” he says. “There’s no way for me to tell them apart without special equipment to detect certain trace metals.”
Lab-grown stones make up a small-but-growing share of the gemstone market. They’re produced the same way earth-grown stones are: by applying vast amounts of pressure and heat to carbon. Earth-mined diamonds undergo that process while buried in the ground over billions of years. In a lab, technology produces the needed forces over the course of weeks.
“All lab stones are created equal, but all prices are not.”
- Todd Scanlon
“The lab process mimics everything that happens in nature,” Scanlon says. “The resulting stones are consistently higher quality thanks to how controlled the process is. Excellent cuts can be achieved more often because they control the growth of the crystals.”
The major difference in the two types of stones now comes down to price. However, seller prices don’t always match that drastic 60% drop over the past five years. With Scanlon’s wholesale connections, he ensures his store can offer the stones at the lowest cost possible.
“All lab stones are created equal, but all prices are not,” says Scanlon, who recommends potential buyers call around to ensure that the price they’re quoted accurately reflects the current market.
With lab-grown stones now likely at their lowest price as the production process has become more efficient, Scanlon says they can provide an attractive option for shoppers with a lower price point.
“If you only have $1,000 to spend,” he says, “it goes a lot further with a lab-grown stone.”
Stop into Scanlon Jewelers to check our selection of lab grown diamond engagement rings and our entire selection of Jewelry!
The Value Of A Lab Grown Diamond |Buffalo News Interview l Todd Scanlon
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