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Some gemstones are manufactured to imitate other gemstones. For example, cubic zirconia is a synthetic diamond simulant composed of zirconium oxide. Moissanite is another example, although it is a gemstone in its own right. The imitations copy the look and color of the real stone but possess neither their chemical nor physical characteristics. Moissanite actually has a higher refractive index than diamond and when presented beside an equivalently sized and cut diamond will have more "fire" than the diamond.

However, lab created gemstones are not imitations. For example, diamonds, ruby, sapphires and emeralds have been manufactured in labs to possess identical chemical and physical characteristics to the naturally occurring variety. Synthetic (lab created) corundums, including ruby and sapphire, are very common and they cost only a fraction of the natural stones. Smaller synthetic diamonds have been manufactured in large quantities as industrial abrasives, although larger gem-quality synthetic diamonds are becoming available in multiple carats.

Whether a gemstone is a natural stone or a lab-created (synthetic) stone, the characteristics of each are the same. Lab-created stones tend to have a more vivid color to them, as impurities are not present in a lab and do not modify the clarity or color of the stone.

From Wikipedia-