Will Lab Created Diamonds Change Diamond Prices?

Forbes reported news that a laboratory in Florida has created gem quality white diamonds which may change the prices of all diamonds.

As quoted in the market news:

Gemesis Diamond Company is selling their diamonds on its Internet site directly to consumers and through retailers. It has been producing lab-created fancy colored diamonds (primarily yellow diamonds) for some time, with limited acceptance by the jewelry industry and consumers. But the production of colorless diamonds, by far the most widely used diamonds in the world, with what it calls “excellent color and clarity” could give jewelry retailers, jewelry designers and consumers a real choice when specifying diamonds. (In this case the term “colorless” is used to describe what are also known as “white diamonds,” meaning not colored diamonds. It is not describing the “Clarity” grading standard for diamonds, one of the 4Cs.)