NEW YORK (NewsNation) — Diamonds have been a symbol of love and commitment but with the rise of man-made diamonds, there’s a new option for couple who want to get engaged on a budget.

The trend of lab-grown diamonds hasn’t reached the Diamond District in New York City. Still, shop owners believe it’s steadily approaching due to the rising popularity of these diamonds.

Global sales of lab-diamond jewelry reached nearly $12 billion in 2022, a significant increase from under $1 billion in 2016, per an analysis by Paul Ziminsky, a New York City-based diamond industry analyst.

Despite a lingering stigma, when it comes to the color, cut and clarity, distinguishing lab diamonds from natural diamonds is nearly impossible to the untrained eye.

Lab-grown diamonds are grown, designed, and cut in a lab using heat and pressure. Additionally, they share the same chemical, physical and optical properties as mined diamonds, shrinking and sparkling just as brilliantly.

Yet, despite lacking the long-term value retention of mined diamonds, lab-grown diamonds are a fraction of the price, often 50 percent less or more.

For example, a 1.25 carat natural diamond costs about $10,000, while the same amount can purchase a 3.5 carat lab-grown diamond with an identical appearance.

Signet Jewelers, the largest diamond jewelry retailer in North America with its Zale and Kay Jewelers, announced plans to embrace the sale of lab-created diamonds starting in 2022. Additionally, jewelry giant Pandora is introducing a line of lab diamond jewelry for sale.

Walmart, the largest reatailer in the world, now sells lab-grown diamonds.

Some jewelers offer both lab-grown and mined diamonds and jewelry experts suggest this can be advantageous for customers to make side-by-side price and appearance comparisons.