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Cubic zirconia versus diamond:

There are a few key features of cubic zirconia which distinguish it from diamond:

• Hardness: cubic zirconia has a rating of approximately 8 on Mohs hardness scale vs. a rating of 10 for diamond.^[1]
• Specific gravity: the density of cubic zirconia is about 1.7 times that of diamond.
• Refractive index: cubic zirconia has a refractive index of 2.15-2.18, compared to a diamond's 2.42.
• Dispersion is very high at 0.058-0.066, exceeding a diamond's 0.044.
• Cut: cubic zirconia gemstones may be cut differently from diamonds. The facet edges can be rounded or "smooth".
• Color: only the rarest of diamonds are truly colorless, most having a tinge of yellow or brown to some extent. By comparison, a cubic zirconia is often entirely colorless: equivalent to a perfect "D" on diamond's color grading scale. Other desirable colors of cubic zirconia can be produced including near colorless, yellow, pink, purple, green, and even multicolored.
• Thermal conductivity: Cubic zirconia is a thermal insulator whereas diamond is a very good thermal conductor

Cubic zirconia (CZ) is the cubic crystalline form of zirconium dioxide (ZrO₂). The synthesized material is hard, optically flawless and usually colorless, but may be made in a variety of different colors. It should not be confused with zircon, which is a zirconium silicate (ZrSiO₄). It is sometimes erroneously called "cubic zirconium".

Because of its low cost, durability, and close visual likeness to diamond, synthetic cubic zirconia has remained the most gemologically and economically important competitor for diamonds since commercial production began in 1976. Its main competitor as a synthetic gemstone is a more recently cultivated material, synthetic moissanite