They already make artificial diamonds that are superior in nearly every way to naturally-occurring ones.
And you're right - the Jewellery Diamond Cartels (De Beers etc) are engaged in multi-million dollar legal actions to get artificial diamonds classified as something else - even though they are chemically and physically identical to natural diamonds. All industrial diamonds used these days are artificial.
Notice I said 'superior in nearly every way' - the one way in which natural diamonds are 'better' is regarding flaws. Artificial diamonds can be created far clearer, purer, and stronger than natural ones (cheaper, too). So the Diamond jewellery companies market their natural diamonds as 'Flawed by Nature - proving that they are superior'. And needless to say, there are plenty of idiots who buy those.
really? i thought artifical diamonds were still a bit yellow when under an electron microscope.
well you learn something new everyday. i know what i'll be buying if i'm ever dumb enough to get married.