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.

Published

3 years ago

October 14, 2021

INSTORE Staff Instore November 2021 Issue

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.

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”