SYNTHETIC SPARKLES
Entrepreneur magazine|MAY 2024
How startups are banking on the customer base shifting to more affordable and sustainable diamond options
PAROMITA GUPTA
SYNTHETIC SPARKLES

In April, an X user made a post hoping women to side with him, "Getting your girl a lab diamond engagement/wedding ring is insanity." The reality was far from what he expected. Thousands of users, mostly women, responded stating "They are indistinguishable from each other," "Not crazier than a blood diamond," and "Dude. It's carbon." They say a diamond is a woman's best friend, indeed they'll know what they want the best.

BETTER THAN MINED: According to the Federal Trade Commission, diamonds are formed of pure carbon crystallized in the isometric cubic system, and other materials such as nitrogen and inclusions, small pieces of foreign objects. Majority of diamonds are not 100 per cent pure carbon. Since natural Earth-mined diamonds are formed deep under earth's surface over billions of years, it is rare and precious, pumping up its monetary value.

The technology behind lab-grown diamonds (LGD) dates back to the 1950s but wasn't available on the market until as recent as the early 2010s.

LGD takes approximately 6 to 10 weeks to be developed in a laboratory. Additionally, the unethical practices associated with mined diamonds has led to a rise in the sustainable alternative.

To put this in perspective, one Carat of G-VS2 GIA Certified mined diamond costs USD 4,000 while the grown alternative costs USD 1,200. Other factors which make it a preferred choice include the same value at a lower cost, gives space for making other investments, and the potential of appreciation in value.

This story is from the MAY 2024 edition of Entrepreneur magazine.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the MAY 2024 edition of Entrepreneur magazine.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM ENTREPRENEUR MAGAZINEView All
How To Ask Family For Money
Entrepreneur magazine

How To Ask Family For Money

Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.

time-read
3 mins  |
November 2024
Data Breach Drama: When Trust Turns Costly In A Digital Age
Entrepreneur magazine

Data Breach Drama: When Trust Turns Costly In A Digital Age

Amid data breaches surges, Indian businesses are prone to financial and reputational fallout. Can cyber insurance emerge as a safeguard?

time-read
4 mins  |
November 2024
THE TERRAIN TAMER
Entrepreneur magazine

THE TERRAIN TAMER

Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.

time-read
2 mins  |
November 2024
THE INTELLIGENT READS
Entrepreneur magazine

THE INTELLIGENT READS

Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.

time-read
1 min  |
November 2024
THE CURSE OF GROWING TOO FAST
Entrepreneur magazine

THE CURSE OF GROWING TOO FAST

FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.

time-read
10+ mins  |
November 2024
There's No Perfect Answer
Entrepreneur magazine

There's No Perfect Answer

I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"

time-read
1 min  |
November 2024
Give Yourself the Gift of Time
Entrepreneur magazine

Give Yourself the Gift of Time

Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.

time-read
2 mins  |
November 2024
How to Become a Main Street Millionaire
Entrepreneur magazine

How to Become a Main Street Millionaire

It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.

time-read
5 mins  |
November 2024
Want to Better Serve Your Clients? Become Them.
Entrepreneur magazine

Want to Better Serve Your Clients? Become Them.

As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.

time-read
3 mins  |
November 2024
How to Succeed With Gen Z Workers
Entrepreneur magazine

How to Succeed With Gen Z Workers

People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.

time-read
2 mins  |
November 2024