>> They're still bright, shiny and for ever. But instead of being mined in a faraway country, these diamonds are produced inside a New Jersey lab.>> All the composition is exactly the same, it is a real diamond. What we've done is we've just taken what's happen in nature and just put it in a lab.
>> The lab grown gems has been around for decades, and it is only recently that technology has made it possible to grow large, colorless diamonds. These diamonds are using pure carbon, but instead of a process that takes a few thousand years, these precious stones are ready in just 10 to 12 weeks.
Pure grown diamonds are mostly millennial who are concerned about the environment. Financing bloody conflicts, or are on a tight budget, are drawn to these diamonds. Grown in a greenhouse, they require less soil and have a lower carbon footprint, and they are 30-40% cheaper than mine diamonds of the same carat, color, cut, and clarity.
But all lab-grown diamonds are required to have an identifying laser inscription. Otherwise, experts say, they are nearly indistinguishable from mined diamonds.>> Diamonds have a definition, all right? They have a certain hardness, they have a certain chemical structure, they have a certain chemical composition. In that respect, laboratory grown diamonds are really the same, as mined diamonds.
>> Lab grown diamonds currently make up about 1% of the global rough diamond market, but could grow to 15% by 2020.