New York's Diamond District has no shortage of baubles, but is all that glitters gold?
"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."
Shovak said while getting something natural has more significance to him, he understands why the price point is tempting to people.
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.
"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.