Editor's Note

That Buzz You Hear? It’s Lab-Grown Diamonds

Regardless of your stance on them, they’re changing the bridal conversation.

Published

3 years ago

June 7, 2021

Trace Shelton Instore June 2021 Issue

SINCE THE PANDEMIC began, many jewelry retailers have seen an engagement boom, with a greater-than-usual amount of young people buying engagement rings. A growing number of those are purchasing lab-grown center stones.

We asked our Brain Squad how the bridal jewelry business has changed in recent times, and one of the most common answers was how much lab-grown diamonds have affected sales, in both good ways and bad. I thought Michael Kanoff’s answer was particularly revealing (he owns Michael’s Jewelers in Yardley, PA). He wrote, “Lab-grown diamonds have changed the business big time. You can now sell something to everyone. It opened doors that were once closed for us.”

Anything that opens up new business for jewelry retailers has to be considered a good thing, at least in the short term. As a pure commodity, lab-grown diamonds provide a critical benefit that’s at the heart of most engagement ring purchases: a bigger diamond for the money. That said, some jewelers are rightly concerned about lab-grown diamonds holding their value in the future. And the so-called ethical benefits touted by lab-grown diamond manufacturers are debatable.

Regardless of where you land on the issue, one thing is certain: lab-grown diamonds have changed the conversation for a significant number of engagement ring shoppers. If you don’t offer them as an option, you need to be able to present a strong reason why not.

As the Pandemic Slows, Jewelers See Opportunity in Specialization

Trace Shelton

Editor-in-Chief, INSTORE
trace@smartworkmedia.com

Five Smart Tips You’ll Find in This Issue

Use the slower months to build a video vault for your YouTube channel and short videos you can use on social media. (Manager’s To-Do, p. 28)
Make sure there’s a well-lit area with an appealing background, a selfie studio or a wall for Gen Z to photograph any of the jewelry they try on. (The Big Story, p. 36)
Create a brochure to give engagement ring purchasers with a special offer for wedding bands. (Megan Crabtree, p. 50)
Offer millennial clients a glass of wine during the presentation; they will stay longer, and the closing ratio will rise. (Shane Decker, p. 52)
Set a limit on follow-up texts or calls so you don’t cross the irritation line and irk your customer. (Angie Ash, p. 51)

She Wanted to Spend More Time with Her Kids. She Called Wilkerson.

Your children are precious. More precious than gold? Absolutely! Just ask Lesley Ann Davis, owner of Lesley Ann Jewels, an independent jewelry store that — until the end of 2023 — had quite a following in Houston, Texas. To spend more time with her four sons, all in high school, she decided to close her store. Luckily, she was familiar with Wilkerson and called them as soon as she knew she wanted to move on to bigger, better and more family-focused things. Was she happy with her decision? Yes, she was. Says Davis, “Any owner looking to make that life change, looking to retire, looking to close, looking for a pause in their career, I would recommend Wilkerson. Hands down!”