Gemesis says it has successfully created laboratory-grown white diamonds that are nearly flawless in clarity and weigh up to a carat, the Herald Tribune reports.

The Gemological Institute of America (GIA) has agreed to grade diamonds from Gemesis, with the proviso that they will be labeled as laboratory-grown. CEO Stephen Lux reports that most of Gemesis' lab-grown diamonds carry a color grade of H and a clarity grade of VS.

Thus far, Gemesis has focused mainly on creating synthetic colored diamonds. While customers who take the time to contact the company can purchase one of its white diamonds, the company is waiting to amass large quantities of the lab-grown stones before rolling out a major marketing push, planned for later this year.

As far as pricing goes, synthetic diamonds command lower prices than mined stones. Lux estimates that lab-grown white diamonds might sell for about 25% less than natural diamonds.