9News recently published a report detailing the market tension between natural and lab-created diamonds, which was aired on A Current Affair. A contributor to the report was Talitha Cummins of The Cut, who estimated that lab-created diamond jewellery accounted for more than half of her business.
"Even up to a couple of years ago, there was a real stigma around lab-grown diamonds, but that's dissipated in the last couple of years as people understand more about what they actually are," she said.
"There's really a strong demand for lab-grown diamonds. They've democratised the market, and they just essentially mean that you can get a larger stone for your money.
"I think lab-growns can make people's dreams come true. It's a difficult time that we're living in. People are struggling to make ends meet, and I think this gives younger people a great option."
Reporters also spoke with George Bakoulas of the Australian Diamond Company, who said that he has observed an increasing interest in natural diamonds among consumers.
"So I think that creates a bit of a dilemma for a lot of people, because it's not like you're getting a fake handbag or a fake watch or anything like that. They're ultimately exactly the same thing,” he said.
"I would say the lab-grown diamonds are probably about 70 per cent to 80 per cent more affordable. I really think the introduction of lab-grown diamonds has been a positive thing for our industry, because it gives the consumer choice.
"Ever since there was a big take-up of lab-grown diamonds, we've started to see the pricing of natural diamonds come down considerably. In fact, I think it's probably the lowest I've seen natural diamonds in terms of pricing for quite a long time.
"It's been a bit of a win-win for everybody if you ask me."
In December, Jeweller published The Great Diamond Debate III, featuring expert commentary from industry voices around the world.
More reading
India moves to protect natural diamonds; government mandate issued
Diamonds: A small piece of a large puzzle
The Great Diamond Debate III: Passion vs Tension
Diamond debate rages on despite calls for unity
War of words continues as CIBJO plans lab-created diamond revision
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