5 June 2018
Author: Alan Frampton
And for consumers – in particular, value-driven Millennials – the emergence of lab-grown diamonds offers not only greater choice, but a more positive view of the jewellery trade. As a recent study by MVI Marketing shows, 70% of US Millennials said they would consider buying lab-grown diamonds in 2018 – up from 57% in 2017 – with cost and ethics their main drivers. And this interest is converting into sales. In my own experience of selling lab-grown diamonds over the past year, 30% of Cred Jewellery customers choose them over their natural counterparts.
And with lab-grown producers such as Madestones and Diamond Foundry joining forces with covetable jewellery labels on contemporary collections aimed at younger luxury consumers, and natural diamond miner De Beers recently debuting its own foray into commercial, lab-grown diamond jewellery with new brand Lightbox, other high-end brands and conglomerates should expect imminent questions – and interest – from their customers about whether they offer lab-grown diamonds.
Luxury brands will clearly want to remain competitive in the future, and having a key point of difference will ensure they stand out. In my view, lab-grown diamonds are the innovation that will change the luxury jewellery market for ever. They give consumers choice, offer quality and a guilt-free luxury product that is accessible, and has far less environmental impact. And it is diamond visionaries such as ALTR, Madestones and Diamond Foundry that will lead this movement – the biggest shake-up the luxury jewellery industry has ever seen.
Alan Frampton is director of British ethical jewellery label and retailer Cred Jewellery.