Fake diamonds are also known as simulated diamonds, diamond simulants, faux diamonds, and diamond imitations. However, several customers often fail to pay attention to the fact that there are plenty of diamond substitutes available in the market. Cubic zirconia, which is a synthetic substance, is one of the most popular diamond substitutes available in the market. This diamond simulant is made of zirconium dioxide and it is one of the hardest substances on the planet but they are not that hard as diamonds. Customers often choose fake diamond rings such as cubic zirconia to save money. Zircon, a mineral that occurs in nature is available to customers in a wide variety of different colors. Colorless pieces of this mineral are often cut, polished, and used as diamond imitations by many jewelers and diamond manufacturers. However, the hardness of zircon is relatively lower when compared to the hardness of cubic zirconia. Moissanite or silicon carbide is a very rare metal but it is also produced in laboratories through artificial methods. They look very similar to real diamonds but exhibit more sparkle.