Synthetic Diamonds: Part 1

I’ve been on the fence about writing this for a little while now. On one hand I believe this is an important issue and deserves attention; on the other I’ve had a little bit of difficulty being completely objective. Whether I succeed or not is up to you. Either way, let’s talk about synthetic diamonds.

A few facts to begin. Synthetic gems are not a new novelty. The first synthetic ruby was made in the late 1800's (exact dates a little tricky to determine), and the process was refined enough for commercial purposes by 1902. Emerald and quartz were right behind. You might be surprised to hear about quartz given its natural abundance and relative low value; it’s extremely useful for a few technological purposes (holds a hell of a current) and even more so when it is devoid of inclusions.

Nowadays, most (or at least a lot) of watch faces are made of synthetic colorless sapphire, a material much stronger and scratch resistance than glass. I remember I got super excited because Apple bought a large synthetic sapphire manufacturing plant and there were rumors abound that the next iPhone would have such a face. It didn’t and my phone looks worse for it (Tim Cook I know you’re a regular reader, take the hint). In any case, synthetic gemstones are nothing new; more precise, synthetic diamonds are old news as well. GE has been making industrial synthetic since the 1950's. The difference is with other gemstones there wasn’t a big period between the products looking good enough to be gem quality, with diamonds it’s taken close to 70 years.

The easiest and first step in determining whether a ruby or an emerald is natural is to look at it for a second; if it looks too good to be true it most likely is synthetic. I know it’s a tired adage, but applicable nevertheless. The lifecycle of synthetic gemstones is pretty cyclical; the process starts off expensive, and is quickly refined to being cheap. The gemstone being manufactured is soon brought to the highest possible standard conceivable in the stone; you’ll have the reddest rubies, the brightest emerald and the most vibrant sapphires, all without inclusions. Realistically these gemstones don’t exist and they look “off” despite the seeming perfection. By this point though, they hold no real value (especially on the secondary market), and get put in a category that’s above costume for sure, but below fine jewelry. Synthetic diamonds aren’t quite here yet, but if they follow observed and historical trajectory, they will be sooner than later.

The question I get asked all the time is whether synthetic diamonds in an engagement ring would be a good investment. I don’t particularly think that’s a question people should be asking about engagement rings in general (you’re not investing in a 401K, you’re getting a little assistance writing a love letter), but that’s beside the point. I’ll write about it later, because certain diamonds exist that are fantastic places to store your money, but you do not see them in engagement rings. The short answer is a resounding no. Synthetic diamonds of gem quality are a fairly recent phenomenon, and at this point are essentially the same price as equal quality natural diamonds. They are not yet ubiquity flawless as in synthetic colored stones, but I’m confident they will be soon. I suspect by that point, the price will plummet as seen in every single other example of synthetic gems we have to date. If you bought a synthetic diamond today, I predict you’re going to be seriously upset if you try to sell it back in 5 years. The cool part about what we make is we’re using natural treasures. I believe this whole heartedly, and I think our customers think the same thing. You lose the romance when you have to present something lab created opposed to forged with the heat/life of the Earth. You may be thinking I missed something, don’t worry; this topic will have a part 2!