Even a year ago nobody would’ve thought that we’d see a LVMH’s Brand introducing jewelry with man-made diamonds. While mass-orientired giants like Pandora and large fine jewelry retailers like Signet all joined the lab-grown train, there were still some companies that were considered too big, too famous, too dedicated to sell lab gemstones. But even these brands are now entering the lab-grown diamond category to now miss out on the demand and sales.
Following LVMH’s Fred and a watch brand TAG Heuer, Prada launched its own jewelry collection called ‘Eternal Gold’ last week, which utilizes lab-created diamonds. The Italian company first introduced the fine jewelry under their name last October. The application of recycled gold was an important promotion aspect, with Parada pushing its jewelry towards environmentally conscious consumers. Now with lab-grown diamonds, they are set to continue moving in this direction.
“Lab-grown diamonds are not just about replicating what’s possible for nature … It’s actually pushing the boundaries of the cut and the idea of luxury material. It’s not just about customizing some existing material. We actually grow that material for the client,” - Timothy Iwata, Cartier’s former global innovation officer, who’s now managing Prada’s jewelry sector, said to the Washington Post.
Iwata is not far from the truth. Along with the collection, the brand also introduced the patented Prada cut of the lab-grown diamonds. The company also announced their commitment to apply man-made gemstones across all its fine jewelry collections by the end of the year. While no price has been set yet, we can expect that the pieces will cost like the jewelry from a huge high-end company. The luxury companies have no intention to go down on the price, as they believe in the brand name. For example, Fred's jewelry pieces set with lab stones are all priced in the range of $500,000 to $600,000. Similar price strategies are likely to be seen with Prada.
The Prada’s launch so close to the Fred’s announcement serves as yet another prove, that lab-grown diamonds don't have to be underpriced, if the unique designs and smart promotion tactics serve their purpose. If such giants of the jewelry industry had accepted this product, there’s no real reason for smaller retailers to refuse this revenue stream. LaBrilliante urges big brands and small family-owned stores to look at lab-grown diamonds as just another opportunity to close sales and keep your customers happy. And if you want to start, we’re always here to help.