(PRESS RELEASE) NEW YORK, N.Y — ARAZI, a distinguished name in fine jewelry, has made a significant decision regarding its marketing and distribution strategy concerning lab-grown diamonds. Effective immediately, ARAZI will discontinue its asset/memo support program for retailers carrying and/or promoting lab-grown diamonds.
In a statement today, Josh Arazi, vice president and creative director of ARAZI, emphasized the rationale behind this decision, citing concerns over the long-term viability and consumer confidence in lab-grown diamonds. Arazi stated, “With the prices of lab-grown diamonds drastically comparable to CZ’s, ARAZI does not wish to wait until jewelers are competing with gas stations to distance ourselves from such stores. We have observed declining sales trends in monthly reports from these retailers, contrasting sharply with the continued growth of stores focused on today’s and tomorrow’s high-end consumers. This is compelling evidence supporting our strategic pivot.”
Arazi continued, “ARAZI is dedicated to elevating the experience for the most discerning clientele, constantly building on our foundation and momentum at every turn. Representing the ARAZI Jewelry Collection alongside lab-grown diamonds does not align with our brand’s commitment to excellence in fine jewelry. We take pride in our association with the finest retailers and products in the luxury jewelry industry.”
The decision comes after careful consideration and discussions within ARAZI, reflecting their dedication to maintaining high standards and integrity within the jewelry sector. The company remains committed to fulfilling existing orders and serving its loyal clientele.
Under the terms of existing agreements, ARAZI reserves the right to terminate contracts under specified conditions. Arazi clarified, “As per our agreement, we are providing a 30-day notice of termination to affected retailers. We are open to reconsidering our decision if retailers choose to discontinue their promotion of lab-grown diamonds.”
ARAZI reassures its commitment to customer service and invites affected retailers to continue purchasing ARAZI products under revised terms. The company expresses gratitude to its partners and looks forward to continuing its legacy of craftsmanship and quality.
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