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Lab-Grown Diamonds

Nothing divides jewelers quite like lab-grown diamonds. But as the chart below shows, they are growing in acceptance and are now stocked by most jewelers. Still, there is much to be aware of as diamonds go from being a natural wonder to an often man-made one.

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35. Do you sell lab-grown diamonds?

The Big Survey 2021: Lab-Grown Diamonds

36. Do you believe the best lab-grown diamond is technically as good as the best mined diamond?

The Big Survey 2021: Lab-Grown Diamonds

37. Do you believe a lab-grown diamond is symbolically as good as a mined diamond?

The Big Survey 2021: Lab-Grown Diamonds

Note: Interestingly, jewelers’ views of the technical attributes of lab-grown diamonds haven’t changed much over the last 5 years. When we last asked this question in 2016, 52% of jewelers thought they were technically as good, a result that is little changed this year. However, in terms of the symbolic value, almost twice as many jewelers now believe that a lab-grown is symbolically as good as a mined diamond, with 31% of jewelers holding that view this year versus only 17% in 2016.

38. If you promote lab-grown diamonds in your marketing, what’s the crux of your message?

More stone for same price
24%
It’s a more brilliant, clearer stone for the same or lower price
5%
It’s environmentally friendly
6%
It’s the way of the future
2%
Other (please specify)
6%
NA
56%
Note: A significant portion of the jewelers who carry lab-grown diamonds don’t actively promote them. Also, several of those who tout lab-grown diamonds as a “larger stone for same price” made a point of telling their customers that while LGDs were cheaper per carat, their re-sale value was also weaker.

39. What is the most challenging or overlooked aspect about stocking lab-grown diamonds?

The overwhelming answer from respondents related to the declining value and pricing for lab-grown diamonds. Many said they will only carry them on memo as a result, because they don’t want to invest in a product whose value is dropping. They’re also concerned about customers becoming angry in the future over their own lab-grown diamonds declining in value.

Other top answers were:

  1. Clients don’t understand the difference between lab-grown and mined diamonds (and it’s difficult to train staff to explain it).
  2. Keeping them from being mixed with mined diamond inventory.
  3. Some are coming into the market uncertified, which will require retailers to invest in testing technology.
  4. They may not truly be more environmentally friendly than mined diamonds.
  5. Supply chain issues (they’re not consistently available).
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Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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