Congrats on your engagement! But is that a "real" diamond?

Why it matters: Lab-grown diamonds have radically transformed the jewelry market over the last decade.

• Though they are just as real as mined ones, their surge in popularity is dividing jewelry lovers.

State of play: Cheaper lab-grown gems are making diamond jewelry more accessible across incomes.

• But naysayers have compared sporting lab-grown jewels to carrying a knockoff designer bag.

Context: Despite the savings, the amount being paid for diamonds is actually rising — and the stones are larger than ever.

• Two things are happening: Lab-grown diamonds are getting more popular as they get cheaper, while people are spending more on mined diamonds.
• But as prices drop and technology improves to produce lab diamonds, they don't keep their resale value like mined diamonds do.

What they're saying: David Wachler, a fourth-generation jeweler with Wachler Estate Collection & Diamonds in Birmingham, tells Axios it's great that money is now less of a deciding factor in whether a couple can get a beautiful diamond engagement ring.

• "It's not my business what someone wants to spend," he says. "It's my job to help them take (that) and make it beautiful for the one they love."

Follow the money: In 2020, the average lab-grown diamond was 1.2 carats and cost $3,887, Axios' Felix Salmon reports from industry data.

• By 2024, the average size had swelled 60% to 1.9 carats, while the average price had dropped by 30% to $2,657.

Zoom in: Wachler's average lab-grown diamond ring sale is around $4,000-$7,000 and natural ranges from $15,000-$100,000.

• On an average day, Wachler says he sees about four or five lab-diamond customers and three or four natural.

The bottom line: When Michael Simmons entered the business in the mid-1980s, the third-generation owner of Simmons & Clark Jewelers in downtown Detroit says, one carat was the "magic number."

• "Now, we're seeing three-carat in a mined diamond as more popular," Simmons tells Axios. "With lab, most people don't start at a carat, they're starting at two to three carats."

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The historic Corktown neighborhood doesn't have many houses for sale, but property records show condos can be had for about $500,000.

The big picture: As part of our regular House Hunting spotlight on the local real estate market, we're looking into what various price points offer homebuyers interested in Corktown.

• We checked out an $850,000 condo on Bagley Street in our previous feature.

Zoom in: Another condo on Bagley sold across the street from our last installment for $495,000 in October, according to the Wayne County Register of Deeds.

• The condo at 1365 Bagley St. was built in 2001 and has three bedrooms and 2.5 bathrooms, according to Zillow's property profile, which includes an original listing price in June of $699,900.

💭 Joe's thought bubble: The condo's location is everything — it's just a couple blocks from businesses on Michigan Avenue like James Oliver Coffee Co. and Brooklyn Street Local.

• The difference between the listing and sales prices suggests there's room to negotiate prices in the area.

What's next: We're exploring houses on the market in Corktown. Quick preview: There aren't many!

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🦁 The Lions finally got some positive injury news yesterday — running back David Montgomery is expected to return for Detroit's first playoff game on Jan. 18 or 19.

• Montgomery — one-half of the Lions' "Sonic and Knuckles" rushing attack—was initially thought to be lost for the season when he injured his knee in Week 15 against the Bills. (Freep)

🎒 The top Michigan education stories of 2025 include Detroit public schools initiating a court battle to resolve a dispute over how the district repays debt, the potential return of immigration arrests at schools and the ever-present problem of chronic absenteeism. (Chalkbeat)

📚 The owner of Pages Bookshop in North Rosedale Park is retiring and the shop is closing, though "more information is to come," according to an email announcement. If someone buys the business, plans could change. (BridgeDetroit)

🚮 How trashy — Michiganders throw more than $500 million worth of material in the trash per year, a new report estimates. (Bridge Michigan)

☕ Joe here with a dispatch from a Corktown coffee shop.

Dig in: I stopped by James Oliver Coffee Co. on Michigan Avenue after checking out the recently sold condo in today's newsletter.

• My last visit to the property was years ago when it was the Detroit Institute of Bagels.

The vibe: Trendy coffee shop with plenty of breakfast and lunch options, including bagels, pastries and sandwiches.

What I ordered: The turkey cheddar sandwich on a sesame bagel ($11) and a large coffee ($3.75).

• The ingredients were quality and the sandwich was well constructed, but I left wishing I ordered something more adventurous, like the Thanksgiving-inspired stuffing sandwich with turkey, cranberry sauce and gravy. (There's also a stuffing-flavored bagel with celery, apple, sage and more.)

If you go: 1236 Michigan Ave.; open seven days a week, 7am-3pm.

• There's another location in the Guardian Building that's open Monday-Friday, 8am-2pm.