[News Terms] 'Lab-Grown Diamond' Created in Laboratory

Like the advertising copy "A Diamond is Forever," diamonds have long been regarded as gemstones symbolizing unchanging eternal love. Hard, transparent, and sparkling, diamonds are rare, making them not only popular for wedding gifts but also as investment products.

However, recently, 'Lab Grown Diamonds'?diamonds created in laboratories rather than real diamonds made by processing natural rough stones?have emerged, threatening the position of genuine diamonds.

Lab Grown Diamonds are produced by applying high pressure and high heat to graphite. They are called 'lab grown' because tiny diamonds in the laboratory are gradually built up by adding carbon over 2 to 4 weeks to form the diamond structure. Their composition is identical to natural diamonds, and their physical and chemical properties are the same, making it difficult even for experts to distinguish them. This is a significant difference from simulants like moissanite or cubic zirconia.

On the other hand, their price is only about one-third to one-fifth that of natural diamonds. Due to their high cost-effectiveness and growing popularity among younger generations, luxury company Louis Vuitton Mo?t Hennessy (LVMH) invested in a lab grown diamond venture, and the world-renowned diamond brand De Beers has also entered direct manufacturing. South Korea succeeded in cultivating lab grown diamonds earlier this year, joining eight countries including the United States, India, and China that can produce lab grown diamonds.

The popularity of lab grown diamonds is driving down the prices of natural diamonds in the global market. De Beers recently reduced the price of high-value 'Select grade' diamond rough stones by 40% over the past year. The price of rough stones dropped from $1,400 per carat in July last year to $850 per carat in July this year. Further price declines are also highly anticipated.

Demand for natural diamonds is also sharply decreasing. During the COVID-19 pandemic, there was a surge in revenge consumption for luxury goods and jewelry, causing diamond prices to soar. However, industry insiders explain that prices have rapidly fallen again as the bubble burst after the endemic phase.

Another reason lab grown diamonds are gaining attention besides their affordable price is that they do not raise ethical concerns associated with the production process of natural diamonds.

Natural diamonds cause environmental pollution during mining and have long been embroiled in labor exploitation controversies. In particular, in some conflict regions in Africa such as Sierra Leone, diamond smuggling has been used to fund military activities, frequently involving civilians, including children, being forced to work in mines. Such diamonds are metaphorically called 'blood diamonds' because they are stained with the blood of exploited workers. Lab grown diamonds made in laboratories are free from these ethical issues.

This content was produced with the assistance of AI translation services.