The luxurious value of a diamond comes from the fact that it is expensive.
Making a cheap diamond maybe useful for industrial applications, but for luxurious purposes (engagement rings & jewellery et al) it's counter productive.
fair enough if part of the bling is being dazzled by the price or prestige, but optically moissanite has a more brilliant refractive index than diamond
Go to the London tower and look at the crown jewels. It's jaw dropping.
It's of course a way of displaying your wealth, but it also reflects and scatters light in an incredible way.