While lab-grown diamonds have been around for decades, recent improvements in technology have finally made the production of high-quality stones possible. Despite some initial hesitation in the industry to add them into the mix, lab-grown stones have evolved into a hot new product category. More and more retailers and manufactures of all sizes are adding them to their offerings, and most importantly, consumers have started to take notice. But lab-grown diamonds require some careful presentation to the end consumer and some retailers struggle with how present the stones alongside their mined counterparts.
In this episode, Marty Hurwitz, CEO of MVI Marketing, explains the current status of lab-grown diamonds, their revenue potential for retailers, the marketing techniques jewelers are using to promote them, and what the future holds.
Podcast Highlights
3:08 – Signet Jewelers/James Allen entering the lab-grown market
4:00 – Other companies that might be next to enter the market
4:54 – The impact of the bigger players getting involved on the credibility of lab-grown diamonds
6:08 – Continued resistance to offer lab-grown in some areas
7:10 – Marketing lab-grown to consumers, issues surrounding “sustainability” marketing aspect, forthcoming sustainability claim for the industry
9:03 – Marketing to millennial-age consumers
11:08 – How retailers are displaying and differentiating mined and lab-grown stones in their stores
12:46 – The future of the lab-grown category, challenges ahead
15:53 – Advice to retailers who are considering adding lab-grown options to their inventory
Show Notes
Related MJSA Journal Articles:
Expanding Horizons – A look into how and why jewelers are selling lab-grown diamonds. By Sharon Elaine Thompson
The Diamond Debate(Members Only) – The diamond industry reacts to the revised FTC Guides. By Deborah A. Yonick
Mentioned in this episode:
MVI Marketing – Consumer and trade research and strategic consulting for the luxury goods space.
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