Yes, lab grown diamonds are generally 30-50% cheaper depending on the carat weight. Bigger diamonds tend to have a bigger price difference as mined diamonds in bigger sizes are rarer. Many people choose lab diamonds to enable them to get a larger diamond for the same price or less than a mined diamond, without compromising on quality.
Mined diamonds are subject to large price fluctuations due to their production being more time consuming and limited to certain areas. Global issues such as Covid 19 pandemic and the current geo-political situation also have a major impact on mined diamond prices which have seen huge increases in recent times, especially with sanctions on Russia which is responsible for 30% of the world’s mined diamond production.
Lab diamonds, on the other hand, are produced in a controlled way, in stable countries so supply is more secure and less likely to supply chain issues. For this reason, lab grown diamonds are not only cheaper but also more stable.
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