The past year has been a significant one for the lab-grown diamond sector.
We had record-breaking rough LGDs, lawsuits over advertising standards regarding product marketing, and Pandora became the most famous brand to introduce lab-grown diamond jewelry, eventually dividing the industry with its controversial comments about LGD’s alleged ethical preponderance over mined diamonds. analogues.
While not all of this news looks positive for a relatively new product category, there’s a saying in marketing that “all PR is good PR” so you can be sure those on the lab-grown side are rubbing their hands. with joy every time they hit the headlines.
Despite this, conventionally mined diamonds still have a very strong market position, accounting for the vast majority of sales, over 90%, according to experts.
But what do those who trade in natural stones do to ensure that these numbers do not start to change closer to the 50:50 value? It turns out quite a lot.
When it comes to the state of the industry at the end of Q1 2022, the consensus is overwhelmingly positive. Nathaniel Bendayan, director of NB Diamonds, states: “The demand and value of natural diamonds not only remain high, but appear to have grown exponentially since the start of the pandemic. At the beginning of this year, this process accelerated even more, which led to a significant increase in market prices, since the demand was very high.”
Arseniy Budrevich, founder of Budrevich Fine Jewelery Studio, agrees, adding that the natural diamonds sold at his company have “retained their popularity” and are still considered a “main product” for customers.
Meanwhile, River Mounts last year began offering lab-grown pieces alongside its existing range of natural diamonds, with company manager Nathan Warburton acknowledging that the category can be “a bit of a contentious issue for many retailers.”
However, he offers a balanced and fair assessment of the situation when he states: “Despite the recent surge in popularity and media coverage of lab-grown diamonds, natural diamonds are still the most popular product for many consumers and retailers.”
As for the reasons for the enduring appeal of natural diamonds, one of the founders of the brand said it more eloquently than many of us could ever have.
“Natural diamonds have always been and continue to be a hit with our customers,” says Arabel Lebrusan of Lebrusan Studio. “70% of the engagement rings we sold in the last quarter of 2021 were set with a natural diamond.”
“Like snowflakes,” she continues, “natural diamonds are unique little masterpieces of nature, based on inner strength and seething with energy. It is this magic that makes natural diamonds so romantic and why they will never go out of style.”
Year 22 Trends
PJ says that while classic round diamonds are still widely used in jewelry, everything from brown diamonds to more creative designs will be popular in 2022. NB Diamonds Director Nathaniel Bendayan explains: “Nothing beats the timeless elegance of a classic design, be it a single stone solitaire or a uniform timeless design. However, we see that a growing trend is to update classic designs with a modern twist.”
Arabel Lebrusan agrees, adding that this “smart way to honor a mined diamond” is increasingly attracting customers as it is an environmentally friendly alternative to buying a new mined diamond.
She adds: “What’s more, handed down jewelery is a little memento of what matters most. Nearly two years after the global pandemic — two years that brought with them a lot of uncertainties and problems — people began to turn to their inner self more often. In this challenging time, family heritage is more important to some people than ever before.”