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WHY ARE CONSUMERS BUYING LAB-GROWN DIAMONDS?

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Not all consumers are concerned if the diamond came from below the ground or above the ground. Some have a budget and some just want a bigger diamond.

LAB-GROWN DIAMONDS
Craig Miller
CEO, JC Jewels
www.jcjewels.com.au

Research reveals consumers are mostly drawn to the size-value equation and retail feedback reflects this. For the first time retailers are exceeding their clients’ expectations and at the same time are achieving higher margins with less pressure on discounting the margins down.

I will note it is imperative to ensure you are always clear and transparent when presenting lab-grown and mined diamonds side by side.

Put yourself in your customer’s shoes. You have a $10,000 budget for an engagement ring. What can you buy? 1.00ct mined G SI2 or a 1.50ct F VS2 lab-grown diamond and Type IIa (the purest form of carbon). Simply ask your client to try both on and see which one they like. Take into account no human expert can tell them apart (mined from lab-grown) — sophisticated equipment is needed to test them, This explains why clients usually gravitate to the large size difference and, yes, everyone likes them bigger!

Now ask yourself if you’re not selling lab-grown as an emotional decision or a commercial decision. I would think the latter is why you are in business, right?

I would never tell anyone what to do in their business, but I will say if you are not including lab-grown in your diamond story, you are missing sales.

Investment-value — the ongoing discussion

Aside from some very rare goods, most white diamonds are not an investment. We sell gifts of love with an emotional connection, not investments. Whether it is mined or lab-grown, how many clients
can sell their diamond ring years later and get back anywhere near what they paid for it?

I feel retailers are better off just taking this honest approach. With our platform, www.jcjewels.com.au (STRICTLY trade only), once we approve your login we enable you to select from over 25,000 stones direct from the most reputable growers in real time. There’s no need to invest thousands in stock, just pay as you go, zone in on the perfect diamond for your client and buy now and ensure you are always buying and selling at today’s price.