In a nutshell, lab-grown diamonds (or synthetic and engineered, as they are also called) are gemstones that were grown in laboratories under specific conditions. High-end technology mirrors the natural processes that can develop a fully-grown diamond stone. As mentioned, they have identical properties as mined diamonds, so they share the same qualities.
The aspect that sets them apart is how they are formed, and the processes that make them available. Since synthetic diamonds take about one month to form and pass through fewer hands, they can cost even 80% less than the ones forged by nature. Therefore, they are considered less valuable, but still are an excellent option for those looking for an affordable option that offers all the quality that you can obtain with a diamond.