Mined diamonds are a waste of money, an expert says. Here’s why

Lab-grown diamonds sell for one-quarter of the price of traditional ones and an Australian wholesale broker says he can't tell the difference

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When Steve Richards, a gemologist trained to identify grades of precious jewels, was considering a Christmas present for his wife, he settled on a pair of diamond earrings.

These diamonds, however, were not formed deep in the Earth over millions, or billions, of years, and brought to the surface through volcanic eruptions. They were grown in a lab over a matter of weeks, and bought for a fraction of the price.