Lab-grown diamonds challenge the traditional mined diamond industry

The natural diamond industry is experiencing a significant decline in popularity due to the rise of lab-grown diamonds, which offer a similar sparkle for a fraction of the price. Lab-grown diamonds are produced above ground using chemicals and heat, replicating the process that creates mined diamonds.

According to Aret Oymakas, owner of Livia Diamonds in Toronto, natural diamonds made up 100 per cent of his business until 2018 when lab-grown diamonds came on the market in a big way. Now, natural diamonds account for only three to four per cent of his business. The cheaper option is winning out, as consumers are more price-sensitive than ever. For instance, a two-carat real diamond engagement ring might cost $35,000, while a two-carat lab-grown diamond with the same clarity and color could be about $3,500.