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The situation is further exacerbated by advancements in technology. Lab-grown diamonds, which have been made through various means over the past 30 years, have become increasingly accessible. The rising technology not only allows individuals to create diamonds at home for less than the cost of a new car but has also led to a flood of affordable options entering the market. Consequently, prices for lab-grown diamonds have tanked, dropping 74% in just the last year.