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To put it simply, lab-created diamonds are pure crystallized carbon diamonds grown in a controlled laboratory environment. They have the same chemical, physical, and optical properties as an earth-mined diamond. Great examples of diamond simulants are Cubic Zirconia (CZ), Moissanite and White Topaz.

The first synthetic method is called high pressure, high temperature (HPHT for short). It's the closest thing to the diamond-producing bowels of the Earth, subjecting graphite (yes, the stuff in a No. 2 pencil, which is made from pure carbon) to intense pressure and heat.

They're typically 20% to 40% cheaper than mined diamonds, and they're more ethical too. But don't confuse lab-made rocks with simulated gems. There's the color, clarity, carat, and cut of the gem, all of which can affect the price significantly.

Try the 'Fog Test' (or 'Breath Test'): Since diamonds are efficient heat conductors, once you breathe on a real diamond the fog should disperse immediately. If the stone is a fake diamond the top will stay foggy for a few seconds longer. This test works best with a clean stone.

Although grown by scientists instead of created in the earth's crust, lab diamonds are absolutely real diamonds they display the same chemical and optical properties as natural diamonds. Even expert gemologists can't tell the difference, but just for fun we're offering you the chance to guess.