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

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.

Advertisement

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