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My engagement ring center stone is moissanite and I love it. It looks identical to a diamond, it's a comparably hard stone, and it can take heat just like a diamond (necessary for when it was set into the mounting.) However, my 1.6ct moissanite cost under $1,000 - far less expensive than a diamond. For my FI and I, it was the right financial choice. I have no plans to ever swap the moissanite for a diamond.Don't think of moissanite as a "fake diamond." It's not. It's a completely different stone (mineral, actually). Just like white topaz looks like diamond, but is topaz, and white sapphire looks like diamond, but is sapphire, moissanite is what it is.Diamond Nexus is also a great alternative. Unless I'm mistaken, DN *is* diamond, just one that was grown in a lab, but not the earth. I believe the molecular structure is identical. It would make no difference to me where my stone grew - earth or lab.
I agree with The post above. However, you should do what is the best choice for you. I have a 1/4 carat diamond, but it was ranked nearly perfect on the clarity, cut, color, and carat. Its a perfect size for me. I would perfer a smaller diamond rather than a huge CZ. There is just something about it and I can't put my finger on it. But like I said, you should do what you need to do! Remember, there are other gem stones that could be your engagement ring. Saphirre, Emerald, Ruby, I have even noticed that Opals are becoming popular. Pearls too! I don't know much about the term 'fake' diamond... But go with whatever fits your style.