As we have helped many customers design custom engagement rings, some of our clients have inquired about pricing difference between lab-grown, or synthetic, diamonds as compared to mined diamonds. While we can normally price a synthetic diamond engagement ring for 20% less than a mined diamond engagement ring, that is not always the case.
Pricing Lab-Grown Diamonds Variables
When it comes to growing the diamonds in a lab setting, there are variables during the growth process which can affect the pricing. It takes between 6-10 weeks to grow a diamond and there is no guarantee how large a diamond you will have after the growth is finished.
As lab-grown diamonds need to be just a pure and free of flaws as a mined diamond, a lab could grow a rough diamond to the size of 15 carats but only have a few diamonds come out of the rough diamond, as they are the only ones without flaws. But until the diamond is cut, no one can tell how many carats were successfully grown.
So, depending on the size of carat you want for your engagement ring, it can be difficult to grow a diamond to that size.
Synthetic Diamonds Are Cut The Same As Mined Diamonds
One major pricing equalizer between mined diamonds and lab-grown diamonds is the fact that both require diamonds to cut a rough diamond. There are machines and lasers which can help with the initial cuts on a rough diamond, but all diamonds must be finished by an expert diamond cutter.
As the cutting process requires skilled labor, this contributes to the sometimes high prices of diamond engagement rings, both mined and lab-grown.
Our Lab-Grown Diamonds Vs Earth-Mined Diamonds
Even with the difficulties that growing diamonds presents, here at Taylor Custom Rings, we offer lab-grown diamonds for your engagement ring at a lower price than earth-mined diamonds.
To give an example of this, we have the Eleanor ring design from our Imagined Collection. When the 1ct lab-grown diamond option is selected, this beautiful ring costs $4,520.
Yet, when the same 1ct weight is chosen as an earth-mined diamond, the Eleanor costs $6,350.
Custom Engagement Rings Allows For Better Price Control
Unlike a jewelry showroom where a ring is locked into a certain price and features, our custom ring design process allows you to greater overall control so you can receive the best price on your ring. During this process, you control:
Budget - Nothing is done outside of your set budget so there are no surprise costs.
Stones - We offer lab-grown diamonds, which are generally more affordable than mined diamonds. Also offered are moissanite stones, which are diamond simulants. Be sure to contact us about any other gemstones you would like to use in your design process.
Metal - The type of metal and purity are within your control as you work with our ring designers. Aside from the stones in your engagement ring, the metal is one area where cost can be directly affected.
Combining all these features, you can receive the synthetic diamond ring of your dreams for much less than it would cost you to go to a jeweler who only offers mined diamonds. If that sounds good to you, contact us today to start your ring design process.