When Pamela Anderson arrived at the Met Gala in May, she was the very picture of a modern new era in Hollywood glamour. Makeup-free and with a new platinum bob, her look was complemented by 24 carats of lab-grown diamonds. It was an unconventional jewellery choice for an A-list celeb to wear to the Oscars of the fashion world, and a high-profile endorsement of synthetic stones. But when it comes to the authenticity of something made in a lab, the reviews are mixed. Like most things prized for their beauty, their value is in the eye of the beholder.

Diamonds—the gemstones of choice for engagement and commitment rings—are synonymous with romantic connection. Once a rare signifier of wealth, diamonds are a victim of their own success, having been democratized by their more affordable synthetic alternatives. When it comes to looks, lab-grown and natural diamonds are virtually identical and, despite their differing origins, synthetic diamonds are increasingly viewed as a viable alternative to their natural counterparts. Forged in a laboratory through carbon compression under extremely high temperatures, they’re created in much the same way that nature forms natural gems. In a lab, however, that irresistible sparkle takes shape in a matter of weeks instead of over billions of years, in a process that eliminates any potentially questionable mining practices.

Though lab diamonds didn’t make headlines until recent years, they’ve actually been around since 1954 when the first proven synthetic diamonds were developed by General Electric. Too small for jewellery, they were used in industrial equipment like oil-well drill bits and cutting tools. With vast improvements in quality made over the subsequent decades, in 2007, the Gemological Institute of America introduced the first and most internationally recognized grading report for lab-grown diamonds. Five years later, they hit the jewellery counter when Brilliant Earth became one of the first brands to sell pieces made with lab-grown stones. And, in 2018, it was all systems go when the United States’ Federal Trade Commission recognized lab-grown diamonds as real diamonds, noting natural and lab-grown gems are identical optically, physically and even in chemical composition.

In spite of these similarities, experts can distinguish lab-grown from natural with certainty. Paul Zimnisky, a leading global diamond industry analyst, likens lab-grown diamonds to a reproduction of a work of art by one of the masters—in this case, Mother Earth. The canvas, paint and stretchers may be nearly indistinguishable from the original, but “most people would still want the original, all else equal,” Zimnisky says. “But, since you could buy a reproduction for just a fraction of the price, there is a market for the reproduction.”

For lab-grown diamonds, it’s a market that’s growing rapidly. Zimnisky says that synthetic diamonds currently account for more than a fifth of global diamond jewellery sales, up from less than one per cent in 2016. And, according to this year’s Lab Grown Diamonds Report published by Research and Markets, the current estimated market value of US $28.27 billion is forecasted to grow to US $38.86 billion by 2029.

There are many reasons why 66 per cent of millennials and Gen Z-ers are willing to buy lab-grown diamonds for engagement rings, not the least of which is the demographics’ preference for making sustainable consumer choices. Given the long-standing conversations over the ethical ambiguity of diamond mining, the fact that lab-grown gems are created in a controlled, specific space is attractive to many younger buyers—even though production of both natural and man-made diamonds use valuable resources and the degree of impact depends on the particular producer.

As Zimnisky says, “Whether a diamond is ethical really depends on how the diamond is produced, whom it is benefiting, et cetera. It’s quite nuanced and can vary greatly depending on the producer and the environment in which it is being produced.” While marketing messaging around sustainability is certainly attractive, it’s clear that the most impactful motivator to choose lab-grown is cost. “Jewellery-quality lab-diamonds have been available for 20 years or so but it wasn’t until the price became cheap that people really wanted them in mass,” Zimnisky points out.

According to experts from Rapaport, a lab-grown diamond with identical carat weight and quality grade will cost between 78 to 80 per cent less than a natural diamond. The discrepancy in price between lab-grown and natural diamond varies by outlet, but a one-carat princess-cut lab-grown can cost about US $500, and a natural diamond of the same size and cut can cost US $2,500.

While many heritage jewellers have been reluctant to adopt lab-grown stones, some of their more innovative luxury counterparts, including Fred, Swiss watchmaker TAG Heuer and Italian fashion house Prada, have embraced man-made gems, as have a number of design-forward start-ups. Founded in 2014, American jewellery brand Vrai is focused exclusively on lab-grown, wooing customers who may or may not have the budget for natural diamonds. At their Toronto showroom, where engagement rings and other baubles are on display, the shopping experience is no different from the high-end jewellery boutiques in the neighbourhood.

And the offerings are no less luxe. Take Dorsey, a cool-girl brand described by The New York Times as “Phoebe Philo–esque” that founder Meg Strachan started in 2019 to bring heirloom-style designs to the lab-grown space. Worn by the likes of Justin Bieber and Bella Hadid, her fine jewellery pieces like the Rivière Necklace cost upwards of US $25,000. And beloved Toronto brand Mejuri has been offering lab-grown versions of its best sellers like the Huggies earrings and Dôme rings since 2023. It’s a new proposition that’s being well received by jewellery lovers too.

Aret Oymakas, founder of Toronto’s Livia Diamonds, has seen the uptick in lab-grown diamonds, with lab-grown accounting for 95 per cent of his sales over the past few years. “Since lab-grown diamonds have been in the market for a while now, people are more comfortable with the idea and happier to jump on that option,” he explains. Still, industry insiders note that each type of gem is a distinct product that should be treated as such. “Lab-grown diamonds will sparkle the same and you will enjoy wearing them the same, but it’s a consumer product without resale or future value,” says Roi Sheinfeld, managing partner at M&B Group, a private jeweller with showrooms in Hong Kong and Singapore.

What’s more, as a relatively new category and with increasing supply, the market is still adjusting to the value of lab-grown diamonds, with the retail price of diamonds having plunged drastically over the past decade. It’s a devaluation that’s left some early adopters with buyer’s remorse. De Beers, the British–South African company that once controlled 90 per cent of the global diamond trade, ceased producing lab-grown diamonds this past May. Marketing efforts are underway to seduce shoppers back to natural diamonds, focusing on their rarity and long-term value.

That said, when it comes to choosing between the two, you can always have it both ways. “Do what makes you feel good,” Sheinfeld says. “You can buy a [lab-grown diamond] today and a natural tomorrow. There are no rules.”