Lab created diamonds are already readily available, but alot of people want natural diamonds(their value lies in the rarity), if something is created in a lab and is not rare it will have less value.
Some people don’t mind lab created diamonds as they look better, but there will always be people who prefer natural diamonds.
How could something that has no practical use be so expensive?
High quality natural diamonds are a rarity. If you want a D, VVS, 1 ct, round, you’re are going to pay a pretty penny. If you want a Z, I, 1 ct round, it’s not very expensive. Relatively speaking, of course.
I’m all for the lab created to get the color and clarity. Just my opinion, but I’m not a big fan of diamond jewelry.
Of course consumers are in charge, if they prefer “natural” diamonds so be it,
The same can be said about cultured and natural pearls.
Diamonds aren’t rare.
I’ve always heard that diamonds actually AREN’T rare, but the company that owns all the diamond mines limits their availability to keep the prices high.