We will sell you a Lab Grown Diamond with zero mark-ups when you mount it in any Lee Read engagement setting of $1,000 or more. You pay the same amount we pay for the stone; we sell you the mounting, charge to set it, and you experience the beauty and benefits that come with every Lee Read Engagement Ring.
If you're considering a Lab Grown diamond and are not sure if it's right for you, you're not alone.
As the owner of Lee Read Jewelers, I have struggled with selling Lab Grown diamonds. We are a locally owned and operated jewelry store, and the community trusts us to offer items that we feel represent a good value. After careful consideration, Lee Read Jewelers is now selling Lab Grown diamonds, but in a way that remains true to our beliefs and in a way that we feel accurately represents the value of Lab Grown diamonds.
Why would any business sell something at cost? Our goal is to help cut through the misinformation being presented about Lab Grown diamonds, and if you come in, learn more, and still feel a Lab Grown is best for you, we are happy to sell it to you. All for about half of what you will pay in a jewelry store and hundreds of dollars below most internet sites. We believe in the value of Natural Diamonds, but understand they are not the right choice for everyone.
To help people like you understand more about this important purchase, we have made a major commitment to our Diamond Education Center. It is dedicated to helping you understand the differences between Natural and Lab Grown diamonds before making a purchase. Come in today, and we'll show you what we know about Lab Grown diamonds so you can decide if it is the right choice for you.
Read on if you want to know more.
We are fortunate that we don't have to jump on every trend to stay in business. It took me over four years of research before I decided to start selling Lab Grown stones.
In 2016 we bought a dozen Lab grown diamonds when they first became commercially viable, and we haven't sold a single one as of June 30th, 2020. No smart business person would sit on this type of an investment of 4 years unless there's more than just making money on their mind.
Lab Grown diamonds are the latest stone introduced as an alternative to giving the real thing, meaning a Natural Diamond in an engagement ring. They are more intriguing than most other alternate stones because they are the same chemical composition. Manufacturers of Lab Grown Diamonds have done an excellent job of marketing them the same as Natural Diamond but eco-friendly and socially responsible. Unfortunately, here is a lot of misinformation being used to sell these stones.
Why hasn't Lee Read sold Lab Grown diamonds, mainly if they are eco-friendly, socially responsible, and cost less than natural diamonds? I have investigated the claims made by producers, retailers, and online experts, and here is what I've discovered.
Suppose you have a picture of Lab Grown diamonds coming from a pristine laboratory and being carefully crafted by men and women in white coats; they are not. The name strongly implies they are made in laboratories, but once mass production started, it moved to huge factories to reduce costs. The majority of these factories are located in China.
The name is not the only misleading statement regarding Lab Grown diamonds. They are promoted to reduce greenhouse gas emissions; the truth is they don't. The majority of Lab Grown Diamonds are manufactured in huge factories in China, using large amounts of electricity from coal-fired power plants. The Federal Trade Commission (FTC) recently notified six major producers they could not use the word "Eco friendly" to promote their product.
The claim that Lab Grown diamonds are the Socially Responsible choice is based on abuses in the Natural Diamond industry that occurred in the 1990s and ignores the fact today 99.8% of Natural Diamonds are produced under UN-mandated worker protections known as the Kimberly Process. In China, many human rights don't exist.
When you look harder, you discover that Lab Grown diamonds are not grown in labs, they produce 40% more greenhouse gases than mining Natural diamonds, and they don't contribute to the economies of poor African countries the way the production of Natural Diamonds does. Lab Grown diamonds are less expensive than Natural Diamonds; in 2016, prices were slightly less than Natural Diamonds, today prices for lab Grown diamonds have fallen approximately 50% and continue to go down as more and more manufacturing comes online. Natural Diamonds, on the other hand, have maintained a stable value.
The final piece of the puzzle is Natural Diamonds were formed billions of years ago before there was life on Earth and is the oldest object you will ever hold. Lab Grown Diamonds are not the same, grow in a matter of weeks, and are easily identified by any jeweler with the proper equipment. Natural Diamonds are rare and becoming more so while lab grown diamonds are not unique and becoming more common every day.