A third generation diamond and jewellery manufacturer launches its created diamonds into Australia at the Showcase Jewellers conference in February.
Synthetic diamonds have captured the imagination of the modern consumer like never before, offering larger carats at better value. It is a sector which is slated to grow, given that financial expenses in other areas are driving many couples to turn to more affordable alternatives for traditional mined diamonds when they select their wedding jewellery.
Global player, ALTR Created Diamonds was launched into the Australian market at the 2018 Showcase Jewellery Conference, held at the Gold Coast, Queensland from February 15-18. The word’s only vertically integrated diamond company, ALTR Created Diamonds is owned by century-old mined diamond group, A. Riam.
ALTR Created Diamonds president and founder, Amish Shah, a third generation diamond and jewellery manufacturer, was specially invited to the Showcase Conference for the launch, part of an international expansion and aggressive growth strategy for the brand. The ALTR brand is also selling created diamonds in the United States, EU, China, Australia, India, Canada, Thailand, South Korea, Israel and South Africa.
According to a recent report by Morgan Stanley, the sales of lab-grown diamonds, now estimated at USD$150 million, could increase to over $1 billion by 2020.
With the diamond market finding itself in transition right now, ALTR Created Diamonds aims to capitalise on generational change and bring greater choice to consumers. Mr Shah believes technology will bring desire back to diamonds.
ALTR creates certified Type IIA lab grown diamonds, man-made using proprietary technology to simulate conditions at the core of the earth, where diamonds form in nature. They are claimed to be identical in chemical, optical and physical composition as the world’s finest mined diamonds. (ALTR Created Diamonds carry certification from Gem Certification and Assurance Lab (GCAL).
Flawless, all lab created diamonds are type IIA, the purest and most valued type of diamond, accounting for less than two per cent of mined diamonds. All ALTR Created Diamond fine jewellery is made of 100 per cent recycled gold. Renewable energy is used to fulfil all energy requirements of the growing process of the ALTR Created Diamonds making the brand eco-friendly.
Mr Shah believes that created diamonds have a big advantage, noting that the most famous and beautiful diamonds in the world are Type IIA, such as the world’s largest cut diamond, the Koh-i-Noor.
ALTR Created Diamonds has more than 22 exclusive, patented diamond cuts and offers a full line of rings, bracelets, necklaces and earrings sold under the ALTR brand name.
In August last year, ALTR presented to Showcase members so that interest for this new direction in the sector could be gauged.
“It’s important to note that because Showcase is all about diamonds – and has been for a long time now – our board, members, my team and certainly myself have been “diamond snobs” throughout the years and so we’ve been very experienced with dealing with the negativity or resistance towards laboratory created diamonds,” general manager of Jimaco Ltd, Showcase Jewellers, Carson Webb said.
“That was how we personally felt, so we’ve been working on getting around those personal feelings in the early days. Those feelings now though are long gone. It is time to move on and get with what’s happening and see how it does, or can, fit your business,” he said.
Mr Webb said the recent Gold Coast event had been considered by Showcase members to be “our best conference yet,” with the ALTR Created Diamond launch one of the highlights of the conference. Over 140 delegates attended the conference. (Showcase Jewellers runs two large retail conferences for its members every year.)
“We’ve known Amish and his team for almost two years now and it was exciting for us to finally present the ALTR brand in its flying colours to our retailers and demonstrate just how beautiful and unique the brand offer really is. We all agreed how this perfectly compliments what we’re already doing in the mined diamond space.
“For us to clearly communicate the advantages of ALTR and its story to the consumers, so they are free to decide the type of diamond jewellery they’d like to acquire, is going to be one of our biggest advantages. Transparency, knowledge, beauty, quality and design are all words we used to plan our future with ALTR together,” Mr Webb said.
“It’s all about a choice for the consumer, being able to now afford a brighter diamond, so when armed with all the information they need, only then they can make the correct purchasing decision that’s right for them. So the ALTR partnership for us is a perfect fit and compliments our entire fine jewellery business.”
“I think it’s important to also note that ALTR is actually Showcase Australia. They are our partners and we work completely vertically with them for our membership. Showcase stores will be customised to be fully integrated with their own brand alongside ALTR,” Mr Webb explained.
USA’s largest engagement stores, ‘Robbins Brothers’ also took part in the recent Showcase conference and held workshops with members.
“There was a real focus on diamond sales and how the created diamonds also fit into your diamond offering; really educating the consumer and allowing them to make the decision accordingly, that’s right for them. A truly amazing and unique opportunity that’s certainly not attainable to the normal jewellery independent retailer out there,” Mr Webb said.