“If you bought a diamond this year, there’s a roughly 50% chance it was manufactured in a laboratory.

Why it matters: Lab-grown diamonds have radically transformed the jewelry market. But despite the cheaper alternative, the amount being paid for diamonds is actually rising — and the stones are larger than ever.

The big picture: Two things are happening at once: Lab-grown diamonds are getting more popular as they get cheaper, while people are spending more than ever on natural diamonds.”

From Axios.