‘Larger, fancier and shinier’: Why some shoppers are buying lab-grown diamonds

MIAMI -- When Hollywood, Florida, engineer Cristina Montiel and her fiance Ruben Yrady decided they were going to get married, Montiel wanted a ring that conveyed their years-long romance.

The couple met as high school students in Venezuela, and both studied engineering in college before moving to Miami in 2019. In December, Yrady proposed to Montiel in Italy with a radiant-cut diamond almost as big as a gummy bear.

“Everyone and all of my girlfriends that see it are in love with it,” said Montiel, 30. “My friends that know me know it’s what I’ve dreamt of, shape-wise. Everyone compliments the ring.”

What most people don’t know is that Montiel’s sparkling diamond was made in a laboratory.

In recent years, lab-grown diamonds have gained recognition for their identical similarities to naturally occurring diamonds — and significantly lower prices.

Montiel purchased her ring from Liori Diamonds, a Sunny Isles Beach jewelry shop that opened last year and specializes in lab-made diamonds.

“With inflation and where the economy has been, [lab] diamonds have integrated into the market way faster than expected,” said Jesse DeLeon, partner at Liori Diamonds. “People are looking for better deals.”

DeLeon, 35, was born and raised in Queens, New York. Working in finance for years, he felt like he was stuck in the city’s “rat race” and pivoted into digital marketing. He worked with home decor brands and slowly got into jewelry after meeting people in that industry, joining Liori Diamonds five years ago.

After visiting Florida over the years and noticing Miami’s culture of glitz and glamour, DeLeon saw an opportunity for Liori to expand to South Florida. Liori had begun selling lab-grown diamonds in 2020, and DeLeon believed the South Florida store should focus on them.

“When people look to get engaged, there’s a lot of pressure about money you should spend,” he said. “It’s historically very pricey. What lab diamonds have done is allow people to get larger, fancier and shinier rings.”

DeLeon believes the increased affordability of lab diamonds appeals to customers navigating a volatile economy. Even celebrities see the appeal: In December, Leonardo DiCaprio made headlines when he was seen shopping for his mother’s Christmas present — a lab-grown diamond necklace.

But there hasn’t always been a warm response to lab-made diamonds. When DeLeon started selling them in 2020 in New York, the responses from customers were mixed, he said.

The Gemological Institute of America (GIA) began grading lab-grown diamonds in 2007 but stopped for several years. After the GIA began certifying lab diamonds again in 2019, lab-grown diamonds became more credible than ever before. Lab diamond sales around the world grew from under $1 billion in 2016 to almost $12 billion in 2022.

“It was like rocket fuel,” DeLeon said.

The educational component of explaining lab diamonds to customers has made DeLeon a professor of sorts . Just as organic diamonds are made of carbon, lab-made diamonds have the exact same chemical makeup. To differentiate lab-made diamonds from natural ones, factories are supposed to make small incisions in lab-made diamonds to indicate that they were made in a lab.

“[The creators] simulate these extreme temperatures in the facility of extreme heat and cold,” he said. “A natural diamond goes through millions of years, whereas this is simulated in months.”

But the affordability of lab diamonds isn’t their only appeal.

The conflict-free aspect of lab diamonds’ production has also captivated buyers like Montiel and Yrady. Illegal diamond smuggling in their native Venezuela has led to violence. Montiel said she wanted her engagement ring to reflect her love for Yrady, not make her wonder what country it came from every time she wore it.

“I’ve been touched by [the violence] from a very young age,” she said. “I was always open to lab-grown diamonds. When the time came to get my own engagement ring, the topic hit close to home.”

For DeLeon, being able to help customers make their money go further has been rewarding. One customer with nearly a $20,000 budget was surprised that he could get the type of diamond he wanted for far less than that.

“We got him a deal for a five-karat ring, and he ended up spending $8,000,” DeLeon said. “He got a higher-quality stone for less than half of his budget. We don’t make anyone do anything, but he thanked us a million times.”

By bucking societal norms, lab diamond buyers are able to put their savings toward other things, like a vacation with a loved one or a portion of a down payment on a house. “If you’re ready to start your life with someone you want to be with, money shouldn’t be a hindrance,” DeLeon said.

DeLeon said he makes more money if he sells natural diamonds, yet he’s pushing more of his customers to purchase lab diamonds instead. He believes that lab diamonds will become more common in jewelry stores within the next three years.

DeLeon likens the current emergence of lab diamonds to when faux-fur coats began trending. “Synthetic fur jackets became wildly popular because they’re the same and more affordable,” he said.

As Montiel prepares for a September wedding, she is happy with her engagement ring. She and her fiance regularly plan large financial decisions with a spreadsheet. When it came to her ring, they didn’t worry about resale value.

“It didn’t mean anything for us to have a natural diamond ring that we would be able to resell,” she said. “An engagement ring is for you to hold onto for the rest of your life.”