Money Talk News: Your next diamond may be from a lab

Money Talks News - There is a revolution happening in the diamond business. Diamond distributors are being able to create diamond which some say offer more for less.

They say it's not a compromise and that consumers are buying something that's physically, chemically, optically identical. It's certified by the same exact certifying agency that says it's a diamond, with the only distinction is it's provenance: They came from above the ground instead of below the ground.

Lab-grown diamonds are now starting to hit mainstream jewelry stores. Although they cost 20 to 50 percent less than mined diamonds, make no mistake: they aren't fakes. They're real and indistinguishable from mined stones.

A lab grown diamond that may cost $8,000 while a mined diamond, will cost $17,000.

Lab-grown diamonds are sending shockwaves through the jewelry industry. Some jewelers have already announced they're not going to carry them. But here are others that carry them as an option. But should people really care whether their diamond comes from a lab or from a mine?

As it happens, some buyers not only don't mind lab-grown diamonds, they prefer them.

They might want a lab grown diamond because they want to get more bang for their buck. Also, if they have eco-friendly concerns, they want to leave a smaller footprint, these diamonds are sustainable and eco-friendly.

You may not find a lab-grown diamond at your local jeweler today. But more than likely, it won't be long.

Would you spend the extra money for a diamond that was mined versus one that was made in a lab? You may have to make that decision sooner than you think. For a little more information and you can weigh in yourself go the Money Talks News website and search "Diamonds."

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