Another excellent alternative to diamond is the cubic zirconium. Cubic zirconium is discovered by German mineralogists in 1937 but did not go into commercial production until 1976 after soviet scientists perfected the technique in 1973. Its chemical name is zirconium dioxide (ZrO₂) and the particular feature unique about it is that it is usually colorless, hence easily comparable to a grade D diamond. Some dopants can be added during the development process to produce the cubic zirconium stone with different vibrant colors. The dopants and its respective colors are as listed below.     

 Though it is difficult to differentiate the cubic zirconium from a diamond by the average consumer, jewelers can easily know whether the stone is cubic zirconium by comparing the fire and brilliance with the diamond. In this case, the cubic zirconium will have a lower brilliance and higher fire/dispersion. In lay man terms it means less white light is reflected back to the eye compared to rainbow colors.

 Below, we present a table to show a detailed comparison between cubic zirconium and diamond.

In summary, cubic zirconium stones are sold at dirt cheap prices, flawless and colorless. They are just as attractive, durable and long-lasting as diamond stones. In addition, it is also difficult to tell the differences unless you possess a 10X magnifying glass.

Having said all this, the major differences between the two stones can only be optically seen with a reasonable magnification, therefore, buying a diamond at exorbitant prices would not really have any real logical basis. In the end, it all boils down to your desire for a natural element and whether your partner would accept it.