Man-made diamonds can retail for as much as 40 percent less than mined diamonds. For all their lack of romance, man-made diamonds are also guaranteed "conflict free." Scalfidi said, "Conflict diamonds actually have a pretty technical narrow definition. They're actually diamonds that are being mined and used to fund rebel groups attempting to overthrow a legitimate government."

The 2006 film "Blood Diamond" brought attention to the dark underbelly of the diamond industry and the failure of the Kimberley Process -- an international governing body -- to thoroughly monitor it.

Scalfidi said, "Just because it's not officially a conflict diamond dripping with blood doesn't mean it's actually clean in human rights terms."

When it comes to mined diamonds, the only guarantee is the one the retailer gives.

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