Will lab-created diamonds take over the market?

They have a better price point, but will they be a girl's new best friend?

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Iannelli Diamonds' Joseph Shovak spoke to FOX Business' Stuart Varney about lab-created diamonds and how they are affecting the market.

"It's hard to spot because you know what? It's pretty much the same thing, as far as structurally, but it's made in a lab. It's handmade as opposed to being made in the earth."

- Joseph Shovak, Iannelli Diamonds

Shovak said while getting something natural has more significance to him, he understands why the price point is tempting to people.

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He pointed to a lab-created diamond earring set, which retails for around $4,000. If the earrings were created with naturally made diamonds, it would be close to double that price.

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"They were very expensive to make for many, many years," Shovak said on "Varney & Co." "Now, it's becoming more and more popular for it to be made in these situations."

Shovak also mentioned how colored diamonds, like pink and blue, are extremely rare, but with lab-created diamonds becoming more widely accepted, they're easier to get.

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