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Jewellery Insurance

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Can You Insure Lab-Grown Diamonds?

Q Report Team
Updated on March 04, 2024
3 min read

The answer is yes! Lab-grown diamonds are real diamonds created in a laboratory using a process that mimics their natural formation––not to be confused with imitation diamonds that are often made up of glass. 

Lab-grown diamonds are often less expensive than their natural counterpart.


What are Lab-Grown Diamonds? 

Before getting into the creation of lab-grown diamonds, let’s look at the origins of natural diamonds. Why? Simply because the process is highly similar, while one occurs in nature, the other happens in a laboratory.

Mined Diamonds 

Broadly stated, diamonds are formed when carbon deposits buried deep within the earth are exposed to extreme heat and pressure. Some stones can take formation in as little time as days or months, while others can take millions of years to materialise. Volcanic explosions transport the stones from the earth's core to the surface, where they are mined. 


Lab-Grown Diamonds

There are currently two methodologies labs use for growing diamonds: High Pressure-High Temperature (HPHT) and Chemical Vapour Deposition (CVD)

With HPHT, a diamond seed is exposed to extremely high pressure and temperature using a belt press, a cubic press or a split-sphere (BARS) press. Using temperatures around 1500 degrees Celsius and pressures up to 1.5 million pounds per square inch, the process melts the pure carbon, forming a diamond around the starter seed.

CVD diamonds start as thin slices of a diamond seed (often created using HPHT). Lab workers place the diamond seed in a sealed chamber and heat it to around 800 degrees Celsius. In addition to heat, the chamber encloses carbon-rich gases ionised into plasma. The ionisation breaks the molecular bonds in the gases, causing the carbon to adhere to the diamond seed and eventually crystalise. 


The Value of Lab-Grown Diamonds 

As with natural diamonds, lab-grown diamonds carry their value based on particular aspects. For instance, the worth and resale value of a lab-grown diamond will vary depending on market demand for the lab-grown diamond’s type, quality and brand.

Also, HPHT-created diamonds tend to be more durable than their counterpart, CVD-created diamonds, and as a result, tend to hold their value over time. HPHT-created diamonds are also sometimes higher in purity than CVD-created stones, giving them added worth. Naturally, the resale value of lab-grown diamonds will always be less than that of a natural diamond. 


Can you Insure Lab-Grown Diamonds?

Absolutely! Lab-grown diamonds exhibit the same chemical, physical, and optical properties as a diamond—how, because they are genuinely a diamond with the only difference being their birth. And because they are in fact a diamond, they can also be appraised.

So in short, just like a diamond that has been mined, lab-grown diamonds can also be insured. And what's more, is that by choosing to purchase a lab-grown diamond, you’ll not only save money on the diamond itself but potentially on the annual premium of the insurance policy as well. This is due to the lower overall cost of the insurable diamond.


Benefits of Insuring a Lab-Grown Diamond

When you insure your lab-grown diamond with a specialised jewellery insurance provider such as Q Report, you can expect the following benefits:

Top-tier customer service - If you need to make a claim, you’ll deal directly with us. You won’t be passed off to another department or company.

Free yearly revaluation service - Our experts will revalue your lab-grown diamond every year at no charge to make sure this figure is still correct. We realise that since the value of gems, metals, and the entire piece may fluctuate over time, the value it’s assigned for insurance purposes needs to be up-to-date and accurate.

Ability to choose your own jeweller - You can visit your own trusted jeweller for repairs or replacement pieces. Many companies try to make you see their own jeweller with whom they’ve negotiated reduced rates.

Coverage for agreed value - Unlike many insurance companies, we provide coverage for the agreed value that’s stated in your policy. Some others will only pay out “up to” the stated amount.

Additional coverage - If for some reason we can’t put you back in the same position you were in before your claim, we have an additional 50% of the insured value as a buffer available to pay toward your claim.

Coverage for every conceivable event - We’ll cover your lab-grown diamond against theft, loss, mysterious disappearance, damage, and natural disasters.


How to Get Your Lab-Grown Diamond Insured

To protect the value of your lab-grown diamond, obtain an instant online quote today. We look forward to serving you and to providing your jewellery with the protection it needs so you can wear and enjoy it in confidence.

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