Are you paying more than you should for a lab-grown diamond? It's a question that deserves attention, especially as these man-made gems gain popularity among engaged couples. With a price tag that's up to 90% lower than natural diamonds, lab-grown stones are shaking up the market. But here's where it gets controversial: the price you pay can vary significantly, even for virtually identical diamonds.
Take the story of Toronto residents Daniel Ng and Olivia Chan. When they were ring shopping in 2024, they opted for a lab-grown diamond, attracted by the substantial cost savings. Ng proposed with a 2.33-carat, D-colour, VVS2 lab-grown diamond in May 2025, and the entire ring cost them less than $6,000 Cdn. A great deal, right? Well, it turns out they could have paid even less.
A Marketplace investigation revealed that lab-grown diamonds are being sold at vastly different prices, with some consumers paying far more than necessary. CBC journalists purchased two lab-grown diamonds with identical features: one carat, D-colour, ideal cut, VS1 clarity, and round shape. One diamond, from leading online retailer Blue Nile, cost $1,639.23 Cdn, while the other, from online marketplace Alibaba.com, cost just $228.86. That's a huge difference!
Paul Zimnisky, a diamond industry analyst, warns that these price gaps could create "credibility problems" for the industry. He believes that the profit margin potential for lab-grown diamonds is enticing for jewelers, leading to higher markups. But Zimnisky also thinks some retailers are pricing these diamonds "way above where they should be."
To verify the quality of the diamonds, Marketplace sent them to accredited jewelry appraisers, Eddy and Allan Young. Under the microscope, the brothers found both diamonds to be identical in quality, with an estimated retail value of $1,925 Cdn. However, when it came to the pricing, the variance was striking. Eddy Young explained that the Alibaba diamond's price was on par with direct manufacturer prices, suggesting that many consumers are unaware of the cheap production costs in manufacturing hubs like China and India.
When Marketplace approached Blue Nile's parent company, Signet Jewelers, for an explanation, they declined an interview but emphasized their brand's reputation and trusted quality. The Canadian Jewellers Association (CJA) also declined to comment, stating that pricing decisions are unique to each member and that it's "impossible to set uniform guidelines."
So, how can consumers shop smarter? Eddy Young advises checking reviews, using secure payment methods like credit cards or PayPal, and having diamonds appraised for authenticity. He believes lab-grown diamonds are becoming more accessible and affordable, making them a great option for engagement rings.
Zimnisky predicts that general prices for lab-grown diamonds will eventually align more closely with wholesale levels. Chan and Ng, now better informed about pricing, agree that consistent pricing across the industry would be beneficial.
And this is the part most people miss: the power of research and comparison. By doing your due diligence, you can ensure you're getting the best value for your money. So, are you ready to navigate the world of lab-grown diamonds with confidence? The choice is yours, and the savings could be significant!
