The cheapest diamonds are lab-grown diamonds, which offer the same chemical and visual properties as natural diamonds but cost significantly less (often 75-90% less) because they don't require mining. For even lower costs, consider pre-owned diamonds or choose "fancy" shapes (like pear, oval, or radiant) over rounds, as rounds are most expensive due to demand and cutting yield.
Here is a detailed look at current market pricing:
A 1-carat diamond in Australia generally costs between A$2,000 and A$20,000+, but can range from under $1,100 for lower-grade stones to over $18,000 for high-quality, well-cut diamonds, with the price heavily influenced by the "4 Cs": Cut, Colour, Clarity, and Carat, plus the diamond's shape and if it's natural or lab-grown (lab-grown being much cheaper). For example, you might find a lower-clarity, M-color oval for around $1,000, while a D-color, VVS1 princess cut could be over $11,000.
Although treating diamonds is an accepted practice among many jewelers, Costco only sells natural and untreated diamonds.
Diamond weight isn't measured by gram, rather by carat, which is 0.2 of a gram. 1 carat diamond costs somewhere between $4.5k to $7k for recommended grades (Ideal cut, H or G Color, SI1 or VS2 Clarity). A diamond that weights 1 gram worth as low as $35k, or as high as $282k.
A 1-carat diamond's price varies wildly, from around $1,000 to over $20,000, depending heavily on the "Four Cs" (Cut, Color, Clarity) and shape, with high-quality, colorless natural diamonds at the top end and lab-grown or lower-grade natural diamonds significantly cheaper. Round brilliant cuts generally cost more than fancy shapes like princess or cushion, and lab-grown diamonds offer substantial savings over natural stones, sometimes by a factor of ten or more for similar specs.
Yes, lab-grown diamonds are real diamonds, possessing the exact same chemical composition (pure carbon), physical properties, and optical characteristics as natural diamonds, just with a different origin story. The only real difference is that one is grown in a laboratory by mimicking Earth's conditions (HPHT or CVD), while the other is mined from the ground, making lab diamonds a more affordable and sustainable choice, though they often have lower resale value.
How much cheaper is a lab grown diamond? Lab diamonds are typically 60% to 85% cheaper than natural diamonds. This is because the process of creating a lab diamond is more efficient and cost effective than the process to mine a diamond.
The "3-month ring rule" is an outdated marketing guideline suggesting spending the equivalent of three months' salary on an engagement ring, a concept created by De Beers to boost diamond sales, evolving from earlier one and two-month suggestions. Today, it's widely seen as a myth, with most couples prioritizing personal financial comfort, open communication, and meaningful choices over this arbitrary rule.
By far the most popular cut is the Round Brilliant, with it's fifty-seven perfectly aligned facets it's brilliance really does out-shine the others. Total internal reflection is the key here; light travels through the stone giving optimum sparkle and scintillation.
For a $5,000 budget, you can typically get a natural diamond engagement ring with a center stone around 0.75 to 1.0 carat, possibly slightly larger (up to 1.2 ct) in elongated shapes like pear or oval, depending on cut, color, clarity, and the setting's cost, with lab-grown options allowing for much larger (3-4+ carat) stones or alternatives like moissanite offering bigger stones within budget.
Diamond Factory offers low prices in Australia primarily because they sell lab-grown diamonds, which are significantly cheaper than natural diamonds (often 30-70% less) due to easier production, and they use an efficient supply chain by acting as the manufacturer, cutting out middlemen. Their low cost comes from the inherent economics of lab-grown diamonds and direct sales, not that Australia itself has inherently cheap diamonds for all retailers, according to diamond industry analysis.
The Moussaieff Red Diamond
Weighing 5.11 carats, this is the largest known red diamond, making it exceptionally rare. Red is the rarest color classification for diamonds, and stones of this size and purity are virtually unheard of.
The Aquamarine name comes from the Latin word for seawater and is said to calm waves and keep sailors safe at sea. It is sometimes referred to as a poor man's diamond because of the pale color.
Because inclusions are more visible in diamonds with larger, open facets, you should pick VS1 over VS2 when choosing diamonds in shapes other than round (particularly in step-cut diamonds such as emerald-cut or Asscher cut).
The 69-carat Taylor-Burton Diamond, famously owned by Elizabeth Taylor, is now part of the private collection of Lebanese jeweler Robert Mouawad, who purchased it in 1979 after Taylor sold it to fund a hospital in Botswana. Mouawad had the famous pear-shaped gem recut, reducing its weight to around 68 carats, and it remains in his family's extensive collection of rare jewels.
One of the things I shared was my “3-Rings” rule. It goes like this: When your phone rings, and it's a potential client who's calling you, the first three rings are on the house. BUT — if someone doesn't pick it up by the end of the third one, each additional ring costs your firm $1,000.
There is no set rule for how long to wait before giving a promise ring. Many couples choose to give them after six months to a year of dating, but it ultimately depends on the dynamics of your relationship.
No, a jeweler generally cannot tell if a diamond is lab-grown just by looking at it with the naked eye; they need specialized, lab-grade equipment like GIA iD100 or X-ray luminescence (XRL) testers to detect subtle differences in growth patterns, impurities, or fluorescence, as lab-grown diamonds share the same chemical and optical properties as natural diamonds. While some jewelers have machines to test, professional grading labs (like GIA) use advanced methods to identify them, often relying on laser inscriptions and grading reports for confirmation.
The average price of a 1 carat lab grown diamond is currently $732 (see price chart below). 1 carat lab grown diamonds can cost anywhere from $446 - $1,590 depending on the diamond's shape, color, clarity, and other factors.
Natural diamonds often contain a small amount of nitrogen or other impurities, while lab-grown diamonds do not. Tiffany diamonds are responsibly sourced from known mines and suppliers, and the majority of our rough stones come from Botswana, Namibia, South Africa and Canada.
The answer to our central question is clear: yes, wealthy people increasingly buy lab-grown diamonds—and they do so with full awareness and intentionality. This trend reveals something profound about the evolution of luxury itself. Luxury is no longer measured solely by what is rare or what costs the most.
This process results in diamonds that are chemically, physically, and optically identical to natural diamonds. Therefore, like their natural counterparts, lab-grown diamonds possess the same hardness and, consequently, the same resistance to scratching.
No, lab grown diamonds do not lose their sparkle over time. They have the same chemical composition as natural diamonds, which means they maintain their brilliance as long as they are properly cared for and kept clean.