Lab-grown diamonds gain popularity as Valentine's Day approaches

FORT MYERS, Fla. —

As Valentine's Day approaches, many couples are considering lab-grown diamonds as a more affordable and eco-friendly option for engagement rings.

Traditionally, men were advised to spend three months' salary on a ring, but lab-grown diamonds are changing the game.

Taylor Swift's engagement ring was naturally mined, but the diamonds showcased at Mark Loren Designs are all lab-grown. According to Mark Loren, about 74% of customers inquire about lab-grown diamonds, which now make up 50-75% of the market.

Loren said, "Especially young couples, they can get a gorgeous lab diamond and a beautiful ring. And the money they're saving, they could go on a cruise, pay for their wedding, or put a deposit down on a house."

Casey Skvorc, a customer at Mark Loren Designs, chose lab-grown diamonds for reasons beyond price.

"If you have any concern about ecology, this doesn't tear up the earth. If you have ever seen pictures of a diamond mine, it looks like a bomb went off. There are not children involved in the cutting and manufacturing of these, so they are very earth-friendly and very price-friendly," Skvorc said.

Lab-grown diamonds are measured by the same four C's — color, cut, clarity, and carat — as natural diamonds.

Skvorc expressed enthusiasm for the affordability and quality of lab-grown diamonds, saying, "Oh, you mean I can have a beautiful stone, three times the size of what my mom's is, and it's going to cost me a fraction of what they did. Great, I'm in, sign me up. And they appraise them and grade them and certify them the same as naturally mined diamonds."

The biggest difference is that a natural diamond is more likely to hold its value, but jewelers are reporting that the price of natural diamonds is coming down due to supply and demand. Not as many people are buying them, so diamond dealers are reducing their prices.

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