While many of you may be taking a break, industry news never stops coming. An online, Florida-based publication article was headlined: “Lab-Grown Diamonds Surge 2,000% In Popularity As Sustainable Wedding Option.”
“Some jewellers say interest has grown by more than 2,000% in five years as people look for more affordable options. They are physically and chemically identical to their natural counterparts but cost up to 85% less. Lab-grown diamonds are increasingly being seen as the better-value alternative. And a study of 1,500 would-be husbands and wives in the UK found 70% would be willing to opt for them. Value for money (55%) and sustainability (43%) are the main reasons they’d make the switch to lab diamonds. While 69% admitted they wouldn’t be able to tell the difference between the two types of gems.”
Are diamonds – natural diamonds – as the sole symbol of love – being threatened? What can we do to address the above-described developments?
At the 40th IDMA Congress, held in March 2023 in Israel, David Kellie, CEO of the Natural Diamond Council (NDC), called on the diamond industry and trade to rally behind the Natural Diamond Council (NDC) and participate, throughout the supply pipeline, in its efforts to promote diamonds – natural diamonds.
Watch this short recording of David Kellie speaking about his efforts to convince the industry to invest just a fraction of a percent of sales in promotion.
Fortunately, the recent IDMA Congress and its focus on marketing proved to be a watershed moment. Our industry is waking up to the NDC’s pleas and the fact that it is now or never.
This fall, IDMA and the NDC will begin engaging the IDMA membership and make the NDCs its toolkits and promotional materials available for purchase and integration into our members’ sales practices. We are currently cooperating with the NDC to make this happen soonest.