It is a well-known fact that natural diamonds are expensive. However, there's an alternative to diamonds: lab-grown diamonds (aka synthetic) diamond, which is less expensive and more eco-friendly.
In the following paragraphs we're going to have a closer look at both types of diamonds:
Lab-grown diamonds are less rare than natural diamonds. The reason is that the process of growing them in a lab can be repeated, whereas extracting a natural diamond from the ground is very challenging and unlikely to happen more than once.
Artifical diamond creation takes about six weeks. On the other hand, the period of time needed to create a natural diamond is unknown, but it surely takes billions of years.
Lab grown diamonds are chemically identical to natural diamonds. They have the same chemical composition (i.e. they consist of equal amounts of carbon atoms bonded together in different forms). The difference is due to uncontrolled factors during the cultivation process, such as pressure, temperature and time.
Lab diamonds are meant to be an eco-friendly alternative to natural diamonds. One single carat of a natural diamond can pollute up to two million gallons of water, due to the manufacturing process.
However, lab grown diamond creation is not perfect. Creating an artificial diamond does require large amounts of energy which is mostly generated by burning non-renewable fossil fuels like oil or coal. In contrast, natural diamonds are already created by nature and require no additional energy.
The price of lab-grown and natural diamonds can vary tremendously. Lab-grown diamonds are usually less expensive than their natural counterparts because they lack the gemological value of being "real" or "natural." Lab-Grown diamonds are usually 35% of the cost of a natural diamond.
In conclusion, lab diamonds are a good alternative to natural diamonds, especially when it comes to eco-friendliness and price.