Headlines

New Synthetic Diamond Group May Be a ‘Wake-Up Call for the Industry’

Published

9 years ago

February 17, 2016

INSTORE Staff

Natural diamond industry faces a threat that’s beginning to organize.

Earlier this month we wrote about the formation of the first synthetic diamond organization, called the International Grown Diamond Association. Rapaport took a closer look at the potential impact of this new body, with writer Avi Krawitz saying it could “serve as a wake-up call for the industry.”

The article says that the natural diamond industry should welcome the establishment of the IGDA, but also take notice of the fact that as synthetic producers grow more organized, awareness of synthetic diamonds will increase. The goal, of course, is to increase market share.

“Ultimately, the natural diamond industry will need to embark on a campaign to remind consumers of its unique proposition, regardless of the traction that synthetics might gain, but also as the synthetics industry has upped its game,” Krawitz writes. “It will be left to the natural diamond industry to engage with the association and push its own agenda to mitigate the threat posed by synthetics.”

Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success

After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone. Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently. The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.