Jeweller - October 2021

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Lab-Created Diamonds | IN-DEPTH FEATURE L to R: New World Diamonds; Swarovski Created Diamonds CO 2 emissions “in most scenarios”; the emissions per carat could range from 612kg for a lab-created diamond produced in India, to 17kg for one produced in Europe using 100 per cent renewable energy. A 2019 report commissioned by the Diamond Producers Association – now the Natural Diamond Council – estimated that natural diamonds produce 160kg CO 2 per carat. Pandora said it expects the lab-created diamonds in the Brilliance range to be manufactured using 100 per cent renewable energy by 2022. Of course, the ecological credentials of the entire lab-created sector are far more difficult to objectively quantify, varying greatly across different manufacturers. Consumers 'consistently identify the sustainable, eco-friendly message of lab-grown diamonds to be frontof-mind', while the most compelling purchasing trigger is the 'ability to trade up in diamond size and quality for the same price as a smaller mined diamond" Still, many lab-created diamond producers remain committed to achieving transparent and sustainable supply chains. Says Diamond Foundry’s Martin, “There is a lot more demand than supply. Meeting this demand, and doing so sustainably, continues to drive us. "Sustainability and respecting the Earth’s resources are core attributes of our business, and we have focused our growth on sites with 100 per cent renewable power.” Another US-based producer, WD Lab Grown Diamonds, was the first manufacturer to be certified by SCS Global Services – an international standards development business specialising in sustainability and quality performance – under its Certification Standard for Sustainable Diamonds. A S A M AT TER OF FACT Lab-Grown Stats 1.8x retail gross margin for labcreated diamonds compared with natural diamonds in 'popular' carat sizes Paul Zimnisky analysis 41% proportion of consumers who do not know the difference between mined and labcreated diamonds The Plumb Club 35% retail price of lab-created 1-carat G colour VSclarity diamond, relative to a mined diamond of equal quality, in 2020 Bain & Co. This grants WD Lab Grown Diamonds third-party authorisation to use the claim of 'Certified Sustainable' and 'Certified Climate Neutral' for their products. Miller believes this is positive for the industry as a whole, having "introduced new levels of transparency". From a consumer perspective, Neubauer observes that labcreated diamonds are considered to be a “great alternative for those on a budget, for those who are eco-conscious and those who are ethically conscious”. Recent consumer research conducted by The MVEye – formerly MVI Marketing – found that consumers “consistently identify the sustainable, eco-friendly message of lab-grown diamonds to be front-of-mind”, while the most compelling purchasing trigger is the “ability to trade up in diamond size and quality for the same price as a smaller mined diamond”. Competition or complementary? When lab-created diamonds first entered the jewellery category, debate raged over the impact they would have on the natural category. “In the beginning, it felt like it was a competition between the two,” Neubauer observes.“People were afraid that lab-grown diamond sales would overtake natural diamond sales. However, it has become more clear that both natural and lab-grown diamonds can be marketed side-by-side, targeting different demographics,” she says. Adds Bolton, “When lab-grown diamonds were first introduced to the market, we had many jewellers and competitors say, ‘We will never stock them.’ “Today, we have found that almost everyone accepts there is a place in the market for these stones – and for more than half a place in the store as well!” Edwards notes that the perception of the lab-grown category versus natural diamonds – and the willingness to stock them – “depends on the individual retail store and what message they wish to convey to their customers.” “Now that pricing has stabilised and the education around quality is more established, this relationship can be more easily defined and separated within the individual retail stores,” he adds. 36 | <strong>October</strong> <strong>2021</strong>
Swarovski Created Diamonds
Page 1 and 2: VOICE OF THE AUSTRALIAN JEWELLERY I
Page 3 and 4: Helping you shine yesterday, today
Page 5 and 6: DURAFLEX GROUP AUSTRALIA The new ex
Page 7 and 8: Call SGA today to become an Authori
Page 9: OCTOBER 2021 Contents This Month In
Page 12 and 13: Upfront #Instagram hashtags to foll
Page 14 and 15: News In Brief Pandora announces new
Page 16 and 17: News Pandora Jewelry restructures A
Page 18 and 19: News New Zealand jeweller launches
Page 20 and 21: News In Brief International watch a
Page 22 and 23: 10 Years Ago Time Machine: October
Page 24 and 25: INSIDE Now & Then JM Leech Jeweller
Page 26 and 27: INSIDE My Store Harriet Kelsall Bes
Page 28 and 29: Completing my Diploma in Gemmology
Page 30 and 31: IN-DEPTH FEATURE Lab-Created Diamon
Page 32 and 33: Lab-Created Diamonds | IN-DEPTH FEA
Page 40 and 41: CELEBRATING Local Talent TIQUE META
Page 42 and 43: GERMANY Timesupply jewellery + watc
Page 44 and 45: Champagne & Cognac D I A M O N D S
Page 46 and 47: Christmas Ready | 2021 HOLIDAY STOC
Page 70 and 71: MARKET FEATURE Local Jewellery Bran
Page 72 and 73: Homegrown Heroes | LOCAL JEWELLERY
Page 78 and 79: BUSINESS Strategy When less is more
Page 80 and 81: BUSINESS Selling Give your sales te
Page 82 and 83: BUSINESS Marketing & PR Repetition
Page 84: My Bench Roberto Mattei Roberto Mat
Page 87 and 88:
THE JEWELLERY INSURANCE SPECIALIST
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Jeweller - October 2021

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