Lab grown diamonds, also known as man-made diamonds, synthetic diamonds or lab diamonds, are manufactured in a laboratory using advanced technology to reduce production time. As the name implies,cheap lab created diamonds are artificially created in a laboratory using high technology and are 100% physically, chemically and optically identical to mined diamonds. The only difference is the way they are sourced. In short, lab grown diamonds are real diamonds, just like mined diamonds. They are simply made in the lab, not taken out of the mine.