Jewellery World Magazine - May 2021

has shied away from making investments
as well as allowing their business to get
technologically advanced. They preferred
the experience in the stores and felt more
in control. These stores felt the pain as the
consumers who wanted to buy from them
could no longer communicate except through
video meetings and curb side pickups. The
stores who had robust websites, high quality
photography, and a wide inventory online that
represented what they carried in stores did
far better because their existing customers
as well as new customers felt confident and
comfortable making those purchases. One
thing that happened which was also learned
by the diamond and jewellery industry during
this period was the importance of branding
and brands. Branded luxury sales during this
time, including jewellery, was up double digits
for 2020. Consumers felt more confident
about the brand and the product.
The pandemic created more
opportunities for online sales of
diamond jewellery during 2020.
What are your projections for sales
of diamond jewellery via online
platforms?
The omnichannel business model where
the experience of the store is further
connected online, enhanced retail sales for
the engagement category by almost 50%.
The retail engagement ring sales in 2020
grew from 14% online to 21%. The fashion
category numbers are even more aggressive.
These numbers in 2021 to 2023 will further
grow as more retailers realize the importance
of improving the consumer experience by
using technology as well as shifting consumer
behaviour. The key focus for the retail
jewellery community is now to guardrail their
consumers between the online and offline
presence.
year and where is the bulk of the
production coming from?
The production of lab-grown diamonds from
2016 to 2021 has grown in multiple ways.
Each year the production for all sizes doubled.
What matters more is consumer acceptance
and the speed at which that has happened. It
has consistently beaten production speed and
hence created a shortage for larger lab-grown
diamonds.
The production for 2020 was around 6 million
carats split between India and China. A larger
number of the smaller diamonds come from
China while the finer larger diamonds are
coming from very limited producers in India.
Where is the innovation occurring
in the lab-grown diamond sector?
What has been the consumer
experience in relation to premium
branded lab-grown diamonds?
Technology is a constantly evolving world.
Lab-grown diamonds have grown in size
and quality in the last five years. Producers
that have been focused on one carat are
now focused between two and four carat
production. Beautiful pinks, blues, canaries,
and various coloured diamonds are going
to be the norm in the next few years. While
the production of lab-grown diamonds are
growing in quality and quantity, one of the
noticeable areas is the growth of the premium
lab-grown diamond that the consumer is
connecting with. Today’s consumer wants
to know everything about the diamond
from where it came from, the social and
environmental impact of the components to
make the jewellery, and finally the brand that
is delivering the product with expedience.
There is an emergence of premium brands
that are starting to focus on these key
consumer trends. I firmly believe that the labgrown
category will further elevate the level of
luxury that diamonds haven’t seen before.
An increased focus on
environmental and sustainable
practices today is impacting
on diamond choices. Price and
ethical concerns are driving sales
in the lab-grown diamond sector.
The report showed a significant
increase in the production of
lab-grown diamonds in 2019.
What were production levels last
42
jewellery world - May 2021