Lab created diamonds have borne the brunt of bad media coverage due to undisclosed stones showing up at major gem labs. Diamantaires and jewellers express concern of synthetic diamonds infiltrating the supply stream of natural stones due to a combination of the fear of the unknown and lack of education. Until now, none of the producers of synthetic diamonds have effectively addressed these concerns.
One day after her appointment as President and CEO of Gemesis, Inc., a leading supplier of lab grown diamonds, Lisa Bissell has changed its name to Pure Grown Diamonds Inc. She states in a press release: “The new name reinforces our commitment to disclosure and transparency.” Addressing the issues of education, training and disclosure she goes on to say, “This will be the mantra of Pure Grown Diamonds.”
This is a welcome and fresh approach to the marketing of synthetic diamonds. Most of the previous marketing has focused on the advances of the growth technology or the savings associated lower prices. It is nice to see a grower stand for transparency and disclosure as a primary feature of their product.
Synthetic diamonds are a growing segment of our industry and may surpass the market share of natural diamonds in the near future. Mining experts believe that we have reached peak production of diamonds and are entering a period of dwindling resources. Synthetics are sustainable and newer technologies will make them more accessible at lower prices.
Lab grown diamonds are the perfect product for the Millennial Generation. Millennials are comfortable with technology and possess a strong desire to protect the natural environment. Responsible sourcing is important to them. Natural diamonds carry the “Blood diamond” stigma and mining is highly destructive to the earth.
Jewellery manufacturers will come to appreciate a steady supply of consistently high quality diamonds at reasonable prices. Designers will have more options to include affordable fancy yellow, blue and pink colours to attract price conscious consumers.
Retail jewellers are faced with a withering interest in fine jewellery in the Millennial demographics. Synthetic diamonds offer a way to attract these socially conscious consumers and create a new generation of jewellery buyers to replace the Baby-Boomers that currently drive our industry. Full disclosure and education are the keys to selling synthetic diamonds to the Millennials.
Like it or not, lab grown diamonds are the future of our industry. Pure Grown Diamonds Inc. is leading the way for open and honest marketing of these stones. Those that embrace the new products will win the hearts and dollars of the younger consumers. It is time to drop our old way of thinking and start exploring these new options lest we fall by the wayside.