Since the start of the year, we’ve seen more and more exciting announcements and launches related to the lab-grown diamonds. Retailers from all over the world have been putting more of their focus and investments into this category, as the demand from the consumers keeps increasing. While man-made diamonds have been trending in the USA for a couple of years, it’s only last year that they started to be truly popular abroad.
One of the most thrilling news came from England earlier this month, as the London-based designer Bleue Burnham teamed up with Gucci’s experimental online store Vault to sell the exclusive collection of jewelry with lab diamonds. The main catch of the collection is the man-made gems, which are grown by an England-based company using sustainably sourced carbon. The manufacturer has already collaborated with another famous English designer Stephen Webster on a sustainable jewelry collection, which had an enormous success with the British consumers. The pieces range in price from a little over $1,000 to $40,000. According to the manufacturer’s CEO, the unique and completely eco-friendly method of growing the diamonds not only makes it a premium product, but also plays a role in moving the whole industry towards a “greener” production. Which Gucci’s branch embracing lab-created stones, we may soon see the company implementing the gems in their mainstream products.
Manufactured diamonds are also becoming big in Asia. Chinese retailers, operating within one of the biggest jewelry retail markets, have been almost exclusively focused on mined diamond rings for a very long time. However, it seems like this course is now rapidly changing. According to the recent article by Jing Daily, “Chinese Gen-Z consumers are achieving their carat freedom by selecting lab-grown diamonds”. Over the past year the lab-grown diamond sales in China increased by 72%. And the figure may be even higher this year due to the ever growing interest of the public in the lower price point and the ethical origin.
Over in Dubai, a famous sustainable jewelry retailer Etika Jewels, introduced the lab-created diamond collection, backed by the US-based growing company. It marks the biggest launch of jewelry with man-made stones in the UAE since the rapid rise of demand that started last year. “As a part of our continued commitment to sustainability, we are excited to be the first to offer a revolutionary diamond concept in the UAE,” said Basma Chaieri, the founder of Etika Jewels.
Back in the United States, retailers are stocking up on lab-grown diamonds before Valentine’s Day. The analysts predict a significant increase in demand for studs and earrings with man-made gemstones for next few weeks. Local retailer stores have to compete with big companies carrying manufactured stones, such as Brilliant Earth, which recently opened their new showroom in North Carolina. The company is planning to expand with their brick-and-mortar locations to new States this year. This means that more and more mom-and-pops jewelers will have to focus on lab-grown diamonds as the primary means to keep and expand their customer base.
According to Frost & Sullivan’s research, a 1 carat mined diamond may cause emissions up to 1.5 billion times higher than a similar lab gem. This sustainability along with the reduced prices are the main factors that drive consumers’ demand. Retailers across the world have noticed that, which means that the lab-grown diamond industry will continue to develop further on. Whether it’s to be prepared for the holidays, or satisfy the particular customer, retailers will keep stocking and selling lab-created stones. It seems like this year it truly will become a requirement for jewelers who want to stay competitive.