Jewellery World Magazine - February 2022

LAB-GROWN DIAMONDS
Craig Miller
CEO, JC Jewels
www.jcjewels.com.au
Organically, consumers are becoming more aware and educated
about lab grown diamonds and investigating this new product
category in today's modern world. COVID-19 has affected the
diamond supply chain and we are seeing shortages of mined diamonds,
causing price increases. Like all merchants, I have spent hours trying to
source basic or core range mined diamonds for clients these past few
weeks, goods that should normally be in abundance and readily available.
Has this helped the lab grown category evolve and faster than planned?
Christmas sales in the USA suggest lab grown diamonds performed
and delivered exceptional results as consumers now see the strong
connection between a smaller budget and larger diamond sizes. Is the
lower price-point of
lab grown vs mined
diamonds, coupled with
the increasing price
of mined diamonds,
bringing on the perfect
storm to accelerate the
growth of lab grown diamond sales? This could create a ripple effect: so
many customers receive a larger diamond than expected, fulfilling their
everlasting desire, and this ignites a trend for bigger, whiter and cleaner
diamonds – diamonds made more affordable with the same visual
experience.
For some in the trade, lab grown may still be an emotional decision, but
there is increasing evidence to suggest that consumers don’t see it as a
commercial decision – they see a stone that meets their expectations or
even exceeds their dreams. They see it as choice.
I am always being asked how lab grown diamonds are performing. From
the global reports and from personal experience it is more than clear
that lab grown diamonds are here to stay and this new choice is very
much instrumental in rejuvenating the desire to own and wear more
jewellery. Being in the industry my whole life I have watched as other
industries have eaten away at our share of consumer disposable income,
technology and travel for example. With international travel at an all-time
low due to the pandemic, we are all seeing more disposable income filter
back into jewellery once again. Christmas sales in the US saw a massive
spike in sales of larger lab grown tennis bracelets, lab grown stud earrings
and engagement rings.
Any trend that brings the purchase of larger diamonds and diamond
jewellery – whether they be mined or lab grown – back to the fore will be
welcome in the industry. And any jeweller looking to take advantage of
this growing trend needs to be ready with lab grown diamonds.