Is a lab-grown diamond a real diamond?

Yes. It is chemically and optically the same as a mined diamond, just grown in a lab. Only its origin differs, and it usually costs less.

What do VVS1, D and excellent cut mean?

VVS1 means very very slightly included, with inclusions hard to see even under magnification. D is the top colorless grade. Excellent cut means it is cut to reflect light well.

Is 2 carats too big for everyday wear?

It is a large, prominent stone. Many wearers find it fine for daily use, but it sits high and draws attention, so some prefer it for occasions.

Will it hold its value like a mined diamond?

No. Lab-grown diamonds resell for much less than mined stones of the same size. Buy it for how it looks and wears, not as an investment.

What should I check when it arrives?

Confirm the grading report matches the stone and grades, and inspect the setting and prongs for tightness. Have a jeweler verify it if you want certainty.