diamonds are as valuable as insurance

What makes diamonds so valuable? Why do they have such an aura? Why are they so coveted? One important factor has been their rarity—and that’s about to change.
High quality synthetic diamonds are around the corner.
First let’s clarify that synthetic diamonds are real diamonds. They are not cheap imitations, made of a completely different material, like cubic zirconium (CZ) or moissanite.
Synthetic diamonds are true diamonds, manufactured in a lab from the same material as natural diamonds dug from the earth. They have the same hardness and brilliance of the mined gems and all the same physical, chemical and optical properties — but a much lower price.
Diamond synthesis has been in the works for over 50 years. The earliest attempts produced diamond dust suitable for use on cutting and grinding tools. Later efforts created gem-quality stones, but the time and electricity required made them more expensive than mined diamonds. The newest methods can produce diamonds suitable for jewelry at a fraction of the cost of natural diamond.
Two Methods: HPHT & CVD
Two competing methods are racing to control the market. One method involves subjecting carbon to high pressure and high temperature (HPHT), basically mimicking the way nature produces diamond. The process, developed by Gemesis, requires about 100 hours for a diamond to develop, compared with nature's 3 billion years. Like natural diamonds, these diamonds may contain impurities.
The other method, called chemical vapor deposition (CVD), transforms carbon into plasma, which then precipitates onto a substrate and is left to grow. It builds up at half a millimeter a day and theoretically can be grown to several inches! The diamonds produced by this method are said to be flawless in clarity, thus competing with the highest quality natural diamonds. They are expected to go on the market