At the recent prestigious Ormeley Dinner, a conservation-focused fundraiser in London, a lab-grown diamond necklace of nearly 75 carats sold for $122,000.

The “Dream” necklace, seen at the top of the article, was created by lab-grown diamond jewelry brand Smiling Rocks and features 54 lab-grown diamonds totaling 74.65 carats, set in 18-karat white gold.

The necklace’s total sale price, $122,000, works out to about $1,634 per carat, above the current per-carat average for lab-grown diamonds. 

According to industry analyst Edahn Golan, the average retail price of a 1-carat lab-grown diamond in June of this year was $1,059, 80 percent lower than the price of a natural diamond of the same size.