Education is one of the most common selling techniques that proved itself over the years. Many successful salespeople are choosing to tell the stories and facts during the conversation with the prospects, instead of pushing for a purchase or waiting for a customer to make the first move. The more updated the information is, the better. This is why it is so important to never stop educating yourself about the industry both from scientific and business perspectives. And while the subjects of the growth process, ethics and sustainability are what are usually discussed, consumers are craving for more obscure facts. LaBrilliante is bringing you 5 recent facts that you can use in the “Did you know…” questions to sell more lab-grown diamonds.
According to the most recent survey conducted partially by IGI, 71% of American jewelry consumers are aware of lab-created diamonds. And only 15% of more than 800 participants are unlikely to purchase man-made stone. The public’s interest has grown an additional 15% since last year when around 70% of respondents said they would consider buying a lab gem. What it shows is that the manufactured diamonds will continue to be talked about and purchased. As the trend goes on, there is a big chance to walk into someone wearing a lab-grown gemstone. Probably, your customer.
There are two completely different sides to this statement. Public’s eye sees a lot of the established big luxury brands are introducing the man-made diamond categories or start using the gems in their product manufacturing, with the biggest recent one being LVMH Group, owner of Louis Vuitton. On the other hand, the lab-diamond-focused smaller companies are developing their business models and launching IPOs. By getting investments from the public, they are capable of increasing their production and being up-to-date with the ever-growing demand. Both these factors are adding more legitimacy to the man-made diamonds as a category. This way your customers can see that they are not just buying a jewelry piece, but investing in the rapidly-developing industry.
According to the famous analyst Edahn Golan, lab-grown diamond rings are now comprising around 10% of the US engagement jewelry market. That is a substantial rise from 6% that Golan calculated for the end of 2020. And the figure is expected to grow further on. Most of the customers who are choosing a bridal ring with a man-made stone are doing so because of the price difference. They are able to save around 30% on the total ring cost, while the jewelry retailers are still getting bigger margins from selling lab-grown gems than they would get from a mined diamond.
While it was extremely rare to see celebrities wearing lab-grown diamond jewelry just a few years ago, it is not anymore. Lady Gaga was one of the first who set a trend by rocking the earrings with the lab-created gems on the red carpet back in 2018. Since then we have seen tons of artists doing the same: Emma Watson, Zoe Kravitz, Billy Porter, Camila Mendes, Zendaya, Laura Dern, and the list goes on. Not to mention the famous studs created for Meghan Markle that were a great promotion for a UK-based lab diamond brand. Drake even purchased a one-off necklace set with manufactured stones for $1.9 million earlier this year. This shows that the lab diamond jewelry will certainly remain trendy and won’t leave the public’s eye any time soon.
It’s been over half a decade since Leonardo DiCaprio has invested in the lab diamond grower, and now more and more celebrities are jumping into the business. From Penelope Cruz teaming up with the jewelry company to create a collection of lab diamond pieces to Frank Ocean launching his own brand. This shows that the biggest names have trust in the product. And while their projects are usually either exclusive or mass-orientires, the consumers can always get a gorgeous fine piece from their trusted jeweler.
To prepare for the high season demand, a jeweler should not only stock up, but also study the selling strategies and tips. LaBrilliante is here to help with both.