August 2, 2022 – It’s summertime. While the American diamond industry is back at work, our colleagues in Europe and Israel are about to take some well-deserved time off for most of August. In India, manufacturing and trading are slow. We can, however, look with optimism at our market in the coming months.
As demonstrated in this edition of the WINC, lab-grown diamonds (LGDs) are getting a lot of attention as consumers are positively disposed to the possibilities they offer.
Do LGDs need to worry us? It helps to take the long-term view. I suggest you read Paul Zimnisky’s article (see below) to understand how LGDS are expected to perform and determine their market position in the long run. Zimnisky makes an interesting observation: as larger – e.g., 4+ carat polished – LGDs become more widely available, and their prices continue to fall (as they say – how low can they go? Eventually, pricing will find its sweet spot).
Consumers, Zimnisky argues, may increasingly view such stones as “fake” diamonds and consider buying a smaller, natural diamond instead.
Time will tell. One thing is for sure, lab-grown is here to stay.
We sell diamonds not because of their low price but because they represent a dream; because they are a universal symbol of love and commitment; because they are an elegant symbol of success; because of their timelessness; and because they are a store of value.
I didn’t make that up: Watch (former) De Beers’ Stephen Lussier in a two-minute video to remember what our industry is all about!