Cory Schifter remembers traveling to the Victor Diamond Mine, a remote facility in northern Ontario, about 250 miles from the nearest road, and seeing the precious stones pulled “right from the earth” in their natural form.
They’d be polished, finished, and set in a ring, eventually making their way to a jeweler’s storefront where a two-carat diamond engagement ring could sell for $20,000 or more.
Now, imagine going to your jeweler and being presented with that ring, but also a three-carat stone that could be had for a fraction of the price—think $4,000 to $6,000. This is where the expression If something’s too good to be true, it might creep into your head. But what if it is both good (in price) and true (in quality)?
“Side by side, they are indistinguishable,” explains Schifter, who owns Casale Jewelers in Staten Island and Red Bank. “Scientifically, they are 100 percent the same.”
That second ring is a lab-grown diamond, a huge disruptor in the industry and a relative newcomer that is still seen by some with a level of skepticism.
“A lot of people say that I’m a fraud or this or that,” Schifter says, half-jokingly, about his endorsement of lab-grown diamonds. “They’re going to bash it. But if you do your research and homework, you’re going to see what’s true and real.”
Schifter has been in the jewelry business since 2009 and was routinely selling natural diamonds. But about three years ago, he started learning about the lab-grown trend and became intrigued. Diamonds develop naturally when carbon is met with extreme heat and equally daunting pressure about 100 miles underneath the earth’s surface. The hard-labor costs associated with mining diamonds are built into their value, but those variables are removed in lab settings, making the stones more affordable. Synthetic diamonds aren’t all that new; the practice has actually been in place for decades, but the applications were mostly reserved for tools (like diamond-tip saw blades) and not jewelry. That changed earlier this century, when organic processes were recreated in laboratory settings to create carbon copies of natural stones. The interest in lab-grown diamonds has really taken off recently. Unit sales grew 43 percent year-over-year in 2024, according to industry analyst Tenoris. However, revenue did decline by 7.2 percent, which is attributed to lowering price points—but it has also clouded the market in some respects.
“The diamond world has changed drastically based on lab diamonds,” Schifter notes, adding that the investment potential for natural diamonds has taken a hit because the synthetics are indistinguishable from mined diamonds.
So, what is a buyer to do?
The biggest points to nail down are educating yourself on the right diamond for you and finding a jeweler you feel comfortable with and can trust. Schifter is trying to check both of those boxes with his clients.
“I’m all in with you,” he shares. “Jewelry is normally just bought for a special moment, and I want to be a part of that special moment.”
At Casale, Schifter tries to build what he calls “a community business” and has “hired people that love our customers.” While Schifter sees clients who have different reasons for purchasing a piece, engagement and wedding rings are obviously a large part of his work. At the office in Red Bank, where clients can schedule an appointment and get one-on-one design services, Schifter works with clients to design the rings they want, and has a 3-D printer on-site to create a replica that can be tried on. Once it’s approved, the ring will be made and ready in time for the big moment.
“There’s no secret anymore,” Schifter says of the old-fashioned notion of someone buying an engagement ring hoping that the person they’re giving it to will like it enough to say Yes. “The real secret is the proposal. So when they see the ring and say ‘Wow, this is beautiful, thank you,’ you get that excitement every single time. I’m a spiritual guy, and to be a big part of creating something special for people, that is really enjoyable for me.”
Schifter is passionate about helping clients feel confident in their investment. Whether it’s a lab-grown or natural diamond, the goal remains the same: to create a meaningful and lasting piece of jewelry. Educating customers on the science behind diamonds ensures they make the right choice for their unique moment.
Casale Jewelers is located at 157 Broad St., Unit 203, in Red Bank and 1639 Richmond Road in Staten Island. Appointments are required in Red Bank. You can follow them on Instagram (@casalejewelers).
“Jewelry is normally just bought for a special moment, and I want to be a part of that special moment.” - Cory Schifter