Choosing Diamond Alternatives? The 7 Key Points You Need to Know.

Many of us have heard the saying “diamonds are forever”. And with good reason. The solidified form of the mineral carbon, known as natural diamonds, develop over billions of years deep inside Earth’s mantle, hundreds of kilometres beneath our planet’s surface. Besides their age, and the location of their origins, have you wondered what are the distinguishing features of diamonds? Notably, what makes diamonds the sought after stones of millions of people. What makes diamonds precious?

1. Why Diamonds are Expensive

Diamonds are considered to be valuable for a number of reasons: Their rarity. Which is a result of the difficulty in finding and mining for this precious stone in the natural world. If one has ever seen a natural diamond mine, the size and scope of these projects are likely to stun the novice. Diamond mining is a hugely complex process: involving the dredging of huge mines, hundreds of meters deep, with numerous personnel, with high upfront investment. The financing of projects that find, shape and then sell these precious stones are factors that affect its costs. However, the main determinant of the value of diamonds is demand. People want diamonds and specifically diamond jewellery because it is a sign of luxury, status etc. Notably, diamonds have become the main option for engagement rings.

Beauty

The reader may have heard about the 4 Cs of diamonds. The colour, clarity cut, carat, are factors that determine the quality of diamonds. The quality of diamonds is graded by the GIA: the authoritative body that determines the quality of diamonds. Changes in quality to any of these factors will dramatically change the final price of the precious stone. This crystalline arrangement of carbons in diamonds also allows them to reflect light more effectively than other minerals. Which is a key selling point of this precious stone, one that is determined by the quality of the cut of the stone. A well-cut diamond, which takes advantage of the reflective qualities of the stone, along with its ability to refract light greatly increases in value.

Durability

Diamonds are known for their hardness. A key selling point of diamond jewellery is the durable character of these precious stones. In the 10 points, Mohs scale for hardness, Diamonds scores a full 10: rankings at the top. The hardness of Diamonds is due to the carbon atoms which are tightly structured as a tetrahedral crystal. Diamonds as precious stones are the least prone to crack or chip and are able to maintain their glitter for, well a very long time. Forever maybe. Which is why people want them.

Rarity

The rarity of diamonds is a result of the difficulty in finding and mining for this precious stone in the natural world. Diamond mining is not the same as mining for other kinds of gemstones: like rubies and sapphires. Locating and dredging for diamonds is a vastly complex process, hence this factor alone affects the supply and price of diamonds. Also in the diamond mining industry, there are only a few players, who are engaged in this process. Entry barriers for new suppliers are great, and hence the supply of diamonds in the market is low. Hence their rarity and price.

Cost of Production

If one has ever seen a natural diamond mine, the size and scope of these projects are likely to stun the novice. Diamond mining is a hugely complex process: involving the dredging of huge mines, hundreds of meters deep, with numerous personnel, with high upfront investment. The financing of projects that find, shape and then sell these precious stones are factors that affect its costs.

The price of the diamond is mainly determined by 4Cs. Whilst a larger carat stone will always command a higher price. The quality of the cut and the absence of inclusions (foreign elements, blemishes) are key factors that affect the price of diamonds. A single carat diamond tends to cost between $ 1,300 to $ 16, 500. However, these prices are subject to change depending on the type of cut of the stone. With round and princess cut diamonds commanding the highest price. So diamond prices are a combination of the cut, clarity, colour and carat of the stone. And this also adds to the cost of producing jewellery quality diamonds. After all, purchases of diamonds, such as for engagement rings, are driven by style, tastes and design interests which require dedicated jewellery designs.

 

 

 

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A post shared by Argyle Pink Diamonds (@argylepinkdiamonds_official) on Aug 11, 2020 at 11:22pm PDT

_{Argyle mine in Australia is the world’s only known source of violet diamonds and only a few of them have been found in more than three decades of mining. The mine is closing down its operation by the end of 2020 due to its high cost of production and lower output of the precious stone.}

2. Types of Diamonds

Not all diamonds are the same. Whilst the fundamental mineral character of all diamonds remains broadly uniform. There are certain differences that exist between these precious stones, which determine the quality, attractiveness and value of the precious stone.

Natural Diamonds

So far we have only discussed natural diamonds. Natural diamonds are mined from the Earth. They are natural, in that they are not produced in a laboratory. Whilst lab-grown diamonds are virtually identical to natural diamonds in their mineral character, the process that leads to them is clearly different. And this point is worth considering. For example, natural diamonds tend to be seen as greater in value owing to their resale value. The pros and cons of lab-grown diamonds will be discussed later. In addition, people tend to attach greater importance to natural diamonds, as they value it's natural, as opposed to the lab-grown “artificial” character.

Coloured diamonds

In the 4Cs of diamonds, the lightness or colourlessness of diamonds is considered a mark of its value. The GIA grades diamonds from grades D to Z: From colourless to light in colour. The closer the diamond is to D, the higher the price. That is the less colour or warmth that the diamond exhibits, the value it is considered. The differences are not always visible to the naked eye. The differences between grades D and E can only be seen by a gemologist. Hence it is important to consult expert advice when making such purchases, or carefully seek out reputable jewellers.

However not all colour is bad in diamonds. Pink diamonds, in recent years, have gained in popularity. Mainly due to their rarity and their colour, this type of diamonds fetches a premium price. So is the presence of the tone blue. The importance of colour, and the value placed on them, has given rise to a range of diamonds known as "Fancy Coloured Diamonds". And the range of coloured (fancy) diamonds is broad: from the blue and pink to even green and orange coloured precious stones.

Argyle Diamonds

A certain variety of coloured diamonds, known as Argyle diamonds, which is an extremely rare pink-to reddish coloured diamond, that comes with a unique shade is a notable example. Known by the major deposit from which it is taken, the Argyle mines in Western Australia. Which is the world’s only known source of this shade of diamonds. However, even in this main diamond source, only a few of these stones have been found in more than three decades of mining. The mine is set to close down its operation in 2020 due to its high cost of production and return on investment. The demand for this stone, combined with a lower supply of Argyle diamonds, has made it a greatly luxurious product, with its own diamond brand name, for prices that only a few can afford.

Blue Diamonds

Natural blue diamonds are a rare, precious stone that comes with a shade of blue, that is due to the presence of boron in the mineral in the stone. Blue diamonds, come in a variety of shades of blue: from bluish-grey, a violet tone. It is important to note that blue diamonds are not treated (artificially) to enhance their colour. Blue diamonds are rare, as they are found only in a few mines in the world: Such as the Cullinan mine in South Africa, and the Golconda mine in India. The 4Cs of diamonds that determine this precious stone’s worth also applies to this variant. However, like the Argyle diamonds, greater emphasis is placed on its colour, so when the colour intensity of the stone increases, its prices go up accordingly. And like the rare Australian pink diamond, blue diamonds command a premium price.

Black Diamonds

You better believe it. Black diamonds not only exist, but they are fast attracting the curiosity of the jewellery industry. And that means you the buyer need to know more about this. The use of black diamonds stems from their industrial applications, but in the last few decades, black diamonds are seen as a new surge in popularity. Their unique colour (for a precious stone) is due to the minute presence of mineral inclusions: such as graphite, pyrite or hematite, which are spread throughout the stone. The high levels of inclusions mean that polishing these stones is difficult, which is one of the reasons why they often overlooked as the choice of precious stones. The 4Cs of diamonds applies differently to this variant as well: owing to its colour, and opacity, the GIA applies its unique colour grading system for coloured diamonds. Since most black diamonds are treated artificially to improve their colour and quality, untreated black diamonds with vivid colours and cut, command a premium price.

3. Lab-Grown Alternatives to Diamonds

Whilst nature is the source of most precious stones, the advances in engineering combined with the new knowledge in gemology have led to the rise of the lab-grown diamond industry. Where the development of precious stones in the labs is not limited to diamonds alone. Other precious stones like sapphires and rubies are also being developed in labs, along with other precious stone simulants. The latter is an important addition, for diamond simulants, tend to come with the colours and features of real diamonds, but with the notable lack of distinct qualities of authentic diamonds: lab-grown or natural.

Lab-grown Diamonds

Lab-grown diamonds have increased in popularity over the years. Owing to the advances in technology and decreasing cost of producing them in the laboratory. The popularity of lab-grown diamonds is the result of a number of factors: from the declining cost of producing them to the greater demand for such stones from younger buyers. Statistics show that demand for lab-grown diamonds increasing over time, as millennials are increasingly drawn by its environmentally friendly character. Unlike natural diamonds, which require huge mining projects, with possibilities for adverse environmental effects, lab-grown diamonds are viewed as the more ethical option.

_{This video from ALTR shows the production process of a lab-grown diamond}

It is important to note that lab-grown diamonds are identical to natural diamonds in terms of their atomic character. In addition to being relatively cheaper, lab-grown diamond fall under the same colour grading as natural diamonds. As they are lab produced, manufactures can get the favoured colour on the D- Z range. However, they have a lower resale value.

_{The Google Trends report for lab grown diamonds for the last five years}

Swarovski Crystals

A product of the Austrian company with the same name, it is important to know that Swarovski crystals don’t fall under the category of precious stones. As the name indicates these are crystals: a type of glass, made from melting silicon oxide at high temperatures. Swarovski crystals are combined with lead to make them harder; which makes them more durable than other diamond substitutes. Swarovski crystals perform as effective diamond simulants as they come with high sparkle that almost matches the glow of real diamonds.

Cubic Zirconia (Diamond Simulant)

A highly popular alternative to diamonds, cubic zirconia is often used as accent stones with other precious stones. This particular stone is man-made: as there are no substitutes for this in nature. A notable strength of this stone is their sparkle: which is able to reflect the colours of the rainbow under sunlight, making them an excellent choice to supplement other precious stones, like sapphires. Cubic zirconia stones can also be made in select colours, to simulate coloured diamonds. Importantly, as a diamond alternative, these stones are a cost-effective option. However, their cheaper price is offset by their lack of durability.

Moissanite

The origins of this semi-precious stone actually come from space. In 1893 Dr Henri Moissan, a Noble prize-winning scientist discovered fragments of a sparkling stone made of silicon carbide, around a meteor crater in Arizona. And the stone was named in his honour by Tiffany and Co. Given its outer space origins, Moissanites are very rare in the natural world, hence much of this variety semi-precious stone is made in the lab. In addition to its abidance, due to its lab-grown origins, Moissanites come with many diamond-like features: they are extremely durable, scoring 9.25 on the Mohs scale, and exhibit greater dispersion than diamonds, and they are less expensive. Thus this lab-grown semi-precious stone is an extremely good alternative to diamonds.

4. Precious Gemstone Alternatives to Diamonds

The term “precious stones” within gemological circles is referred to four kinds of stones: diamonds is most obvious; but also rubies, emeralds and sapphires. These together are the most sought after gemstones. And increasingly the popularity of other three stones, which are often recognized by their “distinct” colours: blue (sapphires), red (rubies), green (emeralds) are challengers to the dominance of diamonds.

Sapphires

A precious stone that is often associated with the colour blue and the blue variant is known to be the birthstone for the month of September. Blue sapphires are a household name in the list of precious stone choices. Formed from the mineral corundum, sapphires are extremely hard stones, coming in at 9 on the Mohs scale, only behind diamonds. An increasingly popular stone of choice for engagement rings, sapphires are also valued for their rarity. Depending on the colour and shade of this precious stone, certain sapphires command high prices: Kashmir and Padparadscha sapphires are a case in point. In addition to blue, sapphires, they also come in pink, yellow and white varieties. Hence this is an excellent alternative precious stone choice for diamonds.

Rubies

Interesting to note that Rubies also contain the same mineral character as sapphires. Formed from corundum, their colour is due to the presence of the mineral chromium that adds the reddish tone. Rubies are well recognized precious stone for their colour and uniqueness, and also known for their high fluorescence (the ability to emit visible light, from a substance-like a precious stone-when stimulated by radiation (e.g. short and long wave UVs, and blue light). Whilst a less popular choice for engagement rings, it a staple in necklaces and tiaras. One of the most prominent ruby jewels is the Danish Ruby Parure: Now worn by the Crown Princess Mary of Denmark.

Emeralds

Known for their characteristic green colour, and for the distinct emerald-cut shape, emeralds are a variant of the mineral beryl: these precious stones derive their colour from the varying levels of chromium, vanadium, and iron that are present in the stone. Favourites of the colour green, who are in the market for a precious stone will be inclined to go for emerald jewellery. This precious stone is known as a symbol of truth. And according to legend, emeralds were known to be Queen Cleopatra’s favourite gemstone. Emeralds are a luxurious option for communicating style.

5. Semi-Precious Gemstone Alternatives to Diamonds

In general semi-precious gemstones are not as durable as precious gemstones. Durability and strength are some of the major characteristics of precious gemstones. These semi-precious alternatives are colourless gemstones which may look similar to diamond jewellery but only a simple close examination is enough to see the difference.

Topaz

A silicate aluminium, combined with fluorine mineral, topaz come in a variety of colours, and it is one of the hardest natural minerals coming in at 8 on the Mohs scale. Natural topaz is colourless, however, the presence of impurities and other defects affects its colour. Thus topaz stones come in a variety of colours: yellow, brown and grey. However, the most popular colour of this semi-precious stone is the “topaz blue”. Whilst not the most popular choice for engagement rings, it is still a good alternative for other precious jewellery.

Zircon (Natural)

Zircon is a naturally occurring silicate mineral (zirconium). Not to be confused with cubic zirconia, these semi-precious stones come in a variety of colours, with blue being the most popular, and green zircons being the rarest. Most of these stones are heat-treated to improve colour. Zircons are known for having fewer inclusions. A good choice for those seeking a budget precious stone option.

Quartz 

A widely available mineral, the most popular variant is the pure quartz, also known as “Rock Crystal”, which is colourless. The most popular coloured version of a quartz crystal is the Amethyst. Quartz crystals come in many varieties, with one of the most popular being the Cat’s Eye, found in gem rich countries like Sri Lanka. The term cat’s eye refers to a gemmological feature known as chatoyancy: that when viewed from certain angles, the precious stone appears to show the slit of a cat’s eye. A unique choice of precious stone, however, due to their relatively high durability; scoring 7 on the Mohs scale, these precious stones are a solid diamond alternative.

Goshenite

This is the white/colourless version of the mineral beryl. Known for its transparency, and high durability: 7.5 8.0 in the Mohs scale, with high vitreous lustre (light-reflecting similar to glass). Whilst good in hardness compared to diamonds, it is rarely used in precious jewellery. And can be used as an accent stone.

6. Why you should consider a Diamond Alternatives

The simple answer is: It depends on what you are looking for. Purchasing precious jewellery is not a straightforward process. It is a decision that takes time, a lot of consideration, requiring a long term outlook. In considering diamond alternatives, the two key factors that you must consider are cost and your taste.

Less expensive

Depending on the quality of the diamond (4Cs) diamond prices can be extremely greater than that of other precious stones. Whilst diamonds are not the rarest of precious stones, (sapphire are rarer) finding quality diamonds (high carat, good cut, and few inclusions) for a reasonable price, is not easy. Further, if one wishes to have a coloured option, diamonds are not the best choice. For coloured diamonds in addition to being rare, are also prohibitively expensive. Blue and Argyle diamonds are obvious examples.

Environment Friendly

In addition to cost, persons who choose a precious stone or jewellery can be motivated by other factors. For example, the growing popularity of lab-grown diamonds is driven by the greater environmental conscious among younger buyers. Along with the ease of procuring a favoured shade of the precious stone with greater convenience.

Choice of Colours

On the other hand, there are those who prefer the natural precious stone option. Which is especially true when it comes to precious stones like sapphires. Further, natural diamonds communicate a certain history, one that cannot be matched by lab-grown alternatives. However, other natural precious stones, like sapphires, notably white sapphires are gaining in popularity. For others, maybe a mix of both worlds is the way to go. 

7. Combining Diamonds with other Precious Gemstones

An increasingly popular choice, especially among engagement ring buyers, is to combine two or more precious stone into a single item of jewellery. Where a single precious stone like diamonds, is placed in a jewellery item containing a semi-precious stone like zircon or is combined with less expensive lab-grown stones or less expensive precious stone option.

Use of accent stones

An increasingly popular choice in precious jewellery is the use of accent stones. For example in engagement rings, with the main centre stone-usually, a diamond or sapphire-whose effects can be accentuated by the use of accent stones on the side. This depends on the design of the engagement ring: for example, solitaire engagement rings are not suitable for this option. However, three-stone engagement ring designs work better.

Multi-coloured jewellery

Similar to jewellery with accent stones, those who prefer more than one type of stone may opt for a multi-coloured option. The combining of precious stones of varied colours (e.g. a blue sapphire centre stone with white diamond side stones. For those looking for a budget option, multi-coloured jewellery is a good option: as one can combine an expensive diamond as a smaller addition to the larger, but cheaper centre stone. Or vice versa, if one opts for a more luxurious option.