US jewelers are singing Lab-grown diamonds
Lab-grown Diamonds — Oct 31, 2016
Luxury department store Barneys New York and Canadian jeweler Spence Diamonds are embracing and selling Lab-grown diamond jewelry
After the recent entry of Ada diamonds and AIDIA Fine Jewelers, it seems that a lot more jewelry retailers in US are jumping on the Lab-grown diamond bandwagon. Barneys New York and Canadian jeweler Spence Diamonds are the recent further two examples.
Barneys New York now selling Lab-grown diamond jewelry
Luxury department store Barneys New York introduced a jewelry collection made from Lab–grown diamonds, on 25thOctober. While the collection uses Lab–grown diamonds grown by Diamond Foundry, there are three designers involved in the collaboration — CVC stones, Eva Fehren and Nak Armstrong. The collection is available exclusively at certain Barneys New York locations and Barneys.com and priced from USD 675 to USD 18,800. Barneys’ senior VP and general merchandise manager for women’s accessories and shoes, Sarah Blair says
“…We thought this project was an exciting and entrepreneurial endeavor, that’s both sustainable and environmentally friendly, appealing to an expanded clientele.”
Canadian jeweler expands to US with Lab-grown diamonds
Canada’s leading diamond jewelry retailer, Spence Diamonds has announced opening of four stores in US, as a Proof of Concept of its expansion plan. The first one is opening in Austin on 7thNovember and the second one in San Jose on 10thNovember. The other two stores are lined up in Scottsdale and Dallas over the next year. Inspired by Apple and Tesla, Spence Diamonds plans to disrupt the jewelry industry in terms of consumer buying experience, in an industry where things have not changed much since past few decades.
Spence Diamonds is going to offer both the options to its customers — mined diamonds and Lab-grown diamonds (also internally termed as “Spence Artisan Created Diamonds”). After its successful experiment at its Vancouver stores, CEO Eric Lindberg seems optimistic about Lab–grown diamond segment and says in an interview
“We have found that the industry’s resistance to created diamonds is not shared by consumers. We feel that created diamonds have the potential to be extremely disruptive to the industry.”
Hence, Spence Diamonds will be offering a thorough education process on mined diamonds and Lab–grown diamonds to its customers. While focusing on extremely friendly customer experience, they intend to break the notions of retail store designs. “While being modern, the stores are still appropriate for customers in their 40s, 50s, 60s” says Eric.
Recently, there have been some claims made that Lab-grown diamonds are not cheaper than mined diamonds and on the contrary are 20% more expensive. Though these findings may be subjective and questionable, even if they were true increase in jewelers selling Lab-grown diamonds suggests that Lab-grown diamonds are surely a girl’s BFF.
Originally published at betterdiamondinitiative.org on October 31, 2016.