The United States plays a unique role as the center of the diamond jewelry retail business and a trendsetter for the world. Retailers have been successfully selling lab-grown diamonds in The USA and Canada for several years, with annual sales only growing each year. In fact, Forbes called lab-grown jewelry the fastest-growing jewelry category today.
Other significant man-made diamond retail markets include Australia, India, and Hong Kong. At the same time, a lot of jewelers in European and Asian countries were hesitant about promoting lab-created gemstones. However, recent spike of consumers’ interest in Europe and Middle East shows that these markets are not so far behind and are ready to accept the alternative to the mined diamond.
It seems like this year will see a shift in the selling behavior, as consumer’s awareness and interest in lab-grown diamonds is higher than ever before. According to The MVEye’s recent study, almost half of the jewelry consumers in five leading European countries are ready to buy a piece of jewelry with a lab-grown diamond. 41% of such consumers have already purchased or received such jewelry in the last three years and stayed satisfied. The cost is the main factor in this decision, as many luxury buyers don’t mind at all getting a bigger gemstone for the same price.
Pandora's recent announcement and launch of the Brilliance collection in Great Britain also increased the public’s awareness of the lab diamonds in Europe. According to the numbers published by Professional Jeweller this month, 77% of European consumers are aware of man-made diamonds, with 73% responding positively to them.
At the same time, it’s not only Europe that is giving lab-grown diamonds a try. The UAE, which is one of the richest and most conservative countries in regards to the luxury buying habits, is accepting man-made jewelry as well. In a fresh Gulf News’ article, Dubai Gold & Jewellery group and IGI Dubai representatives are not shy about promoting lab-grown diamonds to the consumers as the more affordable alternatives, as long as they’re certified.
For several years, LaBrilliante has been operating not only domestically, but also outside the United States, and our recent success in the UK shows that the demand for certified lab-grown diamonds in Europe has never been higher. We believe that the customer should be able to make a decision of buying either a mined or a lab-grown diamond, and more and more customers all over the world are going lab-grown. The USA set the trend and the world is rapidly catching up. We urge the retailers, who are still on the fence, to not miss their shot at attracting the lab-grown diamond consumers.