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

4 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.

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)

Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration

After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years." Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations. The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.