The first time Andrea Greenhill came across a livestream auction for lab-grown diamonds while scrolling on TikTok, she was stunned. While the diamond engagement ring her husband proposed with years ago had cost thousands of dollars, these loose lab-grown diamonds were selling in seconds at a fraction of the price. I saw the prices they were going for in the auctions, and I was like, “This is insanity.’” For years, lab-grown diamonds did not have the same cultural cache as natural diamonds, even though the chemical composition of both are the same.
Now they are more accepted, and live auctions for lab-grown diamonds that last as little as 10 or 15 seconds have exploded on TikTok in recent weeks, drawing a mix of curious spectators, bargain hunters and new enthusiasts. Typically, the diamonds are sold on their own at a price point of $100 to $200 a carat, offering consumers a lower barrier to entry than ever before to the diamond market. Lively auctioneers streaming from places such as Florida, New York and Los Angeles often play the part of the salesperson in shock about what a good deal bidders are getting.
Many of the auctions start at just $1. The auctioneers root for bidders, shouting refrains as simple as “go, go, go” as well as chiding them sometimes for not bidding high enough (“chat, we’re too low, we’re too low,” they sometimes say). The effect is a spirited, interactive shopping experience that draws in hundreds of viewers at a time.
The auctions are a thrill even for people who haven’t been as tempted to enter their credit card information on the platform and click the button to make a bid. Isabella Stolberg, a 21-year-old wardrobe stylist, said that her whole family has gotten into watching the auctions. Sometimes they even project them on a screen in their home for a wider viewing.
Stolberg said that she gets drawn in by the instant gratification of people buying a diamond in such a short time frame, often wondering what else the auctioneers will put up for sale. Though Stolberg said she watches the auctions in bed before she goes to sleep, she’s held off from buying any so far. Others have purchased more enthusiastically.
On the first night that Greenhill stumbled on the auctions, she was so impressed by the offerings that she bought two diamonds. Since then, she’s continued to purchase more loose stones, citing a pink cushion and a blue emerald as among the favorites in her collection. She has bought more than 30 diamonds through TikTok live auctions since early June, she said.
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