Jewellery World Magazine - May 2021

What are your projections for this
category?
Authenticity and transparency are key to
today’s consumer. While size plays a very
strong role in the lab-grown diamond sales,
the most important thing is the consumer
confidence in the product. They are seeing
the value along with authenticity and
transparency that they have always asked for.
Lab-grown diamonds also respond to today’s
consumer who feels socially conscious and
environmentally responsible. Sales of labgrown
diamonds, in spite of the pandemic,
exceeded my expectations. The growth of the
category has been very clear and will double
in sales as a wide range of consumers will have
increased access. The lab-grown diamond
jewellery category is still in its infancy and
will explode in the next 18 months. The way I
see it long term, is that a very wide group of
consumers will now be able to access larger
and more beautiful diamonds and will lead
to the growth of the diamond category as a
whole.
What marketing strategies for
diamond jewellery proved effective
during the pandemic? Are these
likely to be adopted going forward?
Education is the key to consumer
confidence. Retailers that used technology to
communicate products and knowledge to the
consumers have seen a higher closing ratio
and increased spending. I believe this is the
way of the future and will only be enhanced.
What are the long term structural
changes that have been applied to
the diamond industry as a result of
the pandemic?
The most exciting part of the pandemic was
forcing an archaic industry to understand the
value of technology and experience to the
consumer. It also explained to the diamond
and jewellery industry the importance of
brand marketing, education of products,
compliance and being socially responsible.
These changes are going to be permanent and
the key to the growth of this industry.
How is price and aspiration
influencing the diamond selections
consumers are making today?
The consumer is exercising their right to
choice, along with a synchronized pricing
model between demand and supply for the
first time in the diamond industry. The myth
of rarity is broken, and consumers have begun
asking questions about the education they
have received. They are connecting with
larger and beautiful lab-grown diamonds. This
process of democratising luxury with improved
economic scale in the manufacturing of
lab-grown diamonds is going to provide the
widest consumer space the diamond industry
has ever seen. I’ve heard in the last decade
that today’s women don’t want to wear large
diamonds. Today I smile knowing that those
women are wearing and aspiring for larger
and more beautiful lab-grown diamonds. The
trade forgot it’s not that they didn’t want
larger diamonds, but rather that they were
simply not accessible until now.
What are your projections for the
diamond industry going forward?
The diamond industry overall is going to see
very positive growth in the next five years.
Innovation will be the key factor from product
to process, from trading to platforms, and
from stores to online. Every member of the
industry that evolves and brings change that
is required of their business will see growth in
the next five years. The consumer behaviour
has grown and will further evolve as every
industry will work harder and harder for the
dollar.
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