Lab diamond has advantages clearly in the wedding jewelry market

There are many different opinions overseas about the growth of lab grown diamond in the wedding jewelry market, with supporters saying that this is a great opportunity for lab grown diamond, and opponents saying that lab diamond retailers are too vague in their sales approach and therefore unable to "let consumers know the truth" (from NDC).

However, this has not stopped the momentum of nurturing diamonds in the wedding market. According to a recent Tenoris report, lab diamond sales (by volume) in the U.S. market increased 59% year-over-year in February of this year, and sales (by dollar) increased 20% year-over-year. And, from a specialty jeweler's perspective, 46.6% of loose diamond sales were cultivated (by volume), compared to 42.5% in January.

We still do not have complete data to support the question of "how much of these lab grown diamond sold are used in the wedding sector" and "whether the share is growing", except that for professional jewelers, the majority of sales revenue comes from Wedding jewelry.

Also, from the Ritani Interviews released by JCK today, Ritani's perspective is as follows

The use of lab grown diamond purchased by customers during the epidemic

Usually for wedding scenarios, such as engagement rings. For everyday wear as well, such as earrings, pendants, bracelets, etc.

Online sales situation

Online sales are going very well. A 26-carat emerald-shaped lab diamond was sold recently for a retail price of $99,000 to a woman in Las Vegas who already had an engagement ring.

Is "engagement ring upgrade" a common reason to buy?

In the past, diamond ring upgrades were a specific practice, such as when a person became financially well off and wanted a larger diamond, etc. But now, it seems that (for example) a diamond upgrade is a good idea.

But now it seems that (the practice of exchanging diamonds) has become a little bit obsolete, because our customers are coming more often to buy a bigger (diamond ring) and they want something fresher. At the same time, they will keep their original diamond ring for sentimental value.

We get this every week.

Are customers worried about the quality of the lab diamond?

They are more concerned about the design style, and the shape of the diamond, such as oval, emerald, pear, etc.

Customers usually always have a certain budget, about $2,500 to $3,000. They inquire and buy according to their budget.

Do they ask about resale value?

No.

What about natural diamonds? Do they ask about resale value?

Of course they do, and they often ask this question.

What is the makeup of the fashion jewelry segment?

It's basically all about the $2,000 stuff that used to cost $50,000 to buy. (Note: this may refer to natural diamond homologation products)

Ritani's answer is not representative of all retailers, but as an "old" lab diamond retailer that emerged around the same time as Lightbox, their answer is somewhat representative.