Consumers are increasingly opting for more affordable alternatives to mined diamonds, including lab-grown diamonds and moissanite.photominus/iStockPhoto / Getty Images
While jewellery preferences are ever changing, there is one trend that has withstood the test of time: diamonds.
Coveted for their appearance but sought for their symbolic meaning and cultural significance – particularly when it comes to tying the knot – diamonds are more than just a piece of jewellery.
However, jewellery purchases are becoming more “conscious, informed and intentional,” said Justin De Bernardi, co-founder of Canadian jewellery brand El&Elle. He’s seeing shoppers begin to shift away from diamonds and toward more affordable alternatives such as moissanite.
This ring from Canadian brand El&Elle features a moissanite stone.El&Elle/Supplied
Moissanite is a gemstone that is similar in appearance to a lab-grown diamond, especially to the untrained eye. However, there are important differences between the two. Both are grown in controlled labs, but moissanite is composed of silicon carbide whereas diamonds are composed of carbon.
Lab diamonds are higher on the Mohs scale, which measures a gem’s hardness, and are therefore more durable than moissanite. The latter sparkles just as much, if not more, than a lab-grown diamond, but moissanite’s sparkle is more rainbow-like versus the whiter reflections produced by a diamond.
Moissanite also costs substantially less than real and lab-grown diamonds.
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De Bernardi attributes moissanite’s rise in popularity to consumers questioning long-held traditions like the “three months’ salary” rule – the idea that you need to spend a minimum of three months of your salary on an engagement ring – and the belief that diamonds are the only valid expression of love or luxury.
“Moissanite delivers on what modern consumers want: quality, transparency, durability and brilliance – all without the inflated markup,” he said.
Usama Zaid, founder and CEO of Zaid Jewels, a Toronto-based fine jewellery brand specializing in custom rings and bespoke pieces, has seen a shift toward both lab-grown diamonds and moissanite as alternatives to mined diamonds.
“I see more products and companies promoting silver or non-precious metal jewellery, with moissanite as a much more affordable option,” he said.
Lab-grown diamond jewelry at Pure Grown Diamonds headquarters in Woodbridge, New Jersey. Lab-grown diamonds come at a fraction of the cost of their mined counterparts.AMR ALFIKY/Reuters
So, how do moissanite and lab-grown diamonds compare, and is one better than the other? The experts we spoke with agree that there is a range of differences between the two. When it comes to one being superior over the other, however, the experts all make it clear that the answer is subjective and will vary depending on the shopper.
“If you’re looking for the most budget-friendly option, moissanite is a great choice,” said Zaid. “If you prefer a diamond that has taken millions of years to form, then a natural, or mined, diamond is the way to go. And if you want a diamond that offers all the same optical and physical properties at a fraction of the cost, then a lab-grown diamond is the best choice.”
Cost
The difference in cost between the three options can be substantial. Breaking down the prices of moissanite, lab-grown diamonds and mined diamonds of similar quality, Zaid explained that a two-carat moissanite would cost around $1,000, whereas a similar lab-grown diamond would cost $2,500 and a mined diamond could set you back around $25,000.
Sustainability
While both moissanite and lab-grown diamonds are much more sustainable than mined diamonds, moissanite is the most sustainable of the bunch.
“It generates minimal waste and isn’t tied to the complex, resource-heavy supply chains associated with diamond production – even lab-grown ones,” said De Bernardi.
Investment
Zaid makes it clear that none of the options are necessarily a financial investment – if anything, they will all likely result in a loss.
A loss would be smaller with moissanite because the upfront cost is lower. “Moissanite isn’t a financial investment – it’s a value-based purchase centred on beauty and affordability,” he said. “The same can be said for lab-grown and even mined diamonds. In fact, you often take a greater financial loss on a mined diamond than on a moissanite or lab diamond.”
For example, if you purchased a two-carat mined diamond for $25,000, you’d be lucky to resell it for around $18,000, he said.
Ultimately, the decision is highly individual. “At the end of the day, people buy diamonds and gemstones because they want to, not because they expect to make money from them,” said Zaid. “Jewellery is meant to celebrate moments in time; it carries emotion and beauty.”
