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Will lab-created diamonds take over the market?

Blair Shiff

New York's Diamond District has no shortage of baubles, but is all that glitters gold?

Iannelli Diamonds' Joseph Shovak spoke to FOX Business' Stuart Varney about lab-created diamonds and how they are affecting the market.

Shovak said while getting something natural has more significance to him, he understands why the price point is tempting to people.

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He pointed to a lab-created diamond earring set, which retails for around $4,000. If the earrings were created with naturally made diamonds, it would be close to double that price.

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"They were very expensive to make for many, many years," Shovak said on "Varney & Co." "Now, it's becoming more and more popular for it to be made in these situations."

Shovak also mentioned how colored diamonds, like pink and blue, are extremely rare, but with lab-created diamonds becoming more widely accepted, they're easier to get.

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