Yes, because synthetic diamonds are nowhere near the kind of quality required for jewellery. Gem-quality synthetic diamonds are incredibly expensive to produce right now, and are simply not economically viable at market prices.
It requires an extraordinary amount of energy to produce diamonds artificially, and controlling the process is incredibly difficult. To produce crystals as perfect as natural diamonds requires processes that are, right now, not economically viable.
It's plentiful, sure, in the sense that there is no shortage of it for industrial use. But industrial diamonds are tiny. It's basically dust. It's not recognisably diamond from sight alone; however, of course, the material properties of diamond are the same, which is what matters for industrial use.
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