Pandora hopes that the lower price of lab-made diamonds will lead to increased sales.

Olya Linde, the lead author of the Bain report, agrees that there is room for both.

"I believe that natural diamonds and lab grown diamonds can wonderfully coexist and grow the overall diamond market. There's clear demand for each type of product."

Better design and lower prices are, says Ms Linde, the top reasons why customers pick lab-made diamonds over their naturally occurring counterparts.