Why jewelry retailers should consider labgrown diamonds 

22 June - 3 min read.

The diamond market is innovating by offering diamond lovers a more ethical and durable option, such as the lab-grown diamonds. You can easily buy a lab-grown stone for less money than a mined diamond and even get a larger stone. .

It is practically identical to the mined diamond, in both quality and composition. The only difference is that they have a better reputation than mined diamonds. That’s because the lab-grown diamonds are made in a laboratory, not in unethical labour conditions and without environmental damage.

This is an important aspect to the millennial generation. A  MVI Marketing study shows that millennial consumers are more interested in lab-grown diamonds. This is because they want to buy products that are made in good working conditions.

Almost 70% of millenials would rather buy a lab-grown diamond engagement ring, than a mined diamond ring.

There is a strong demand for lab-grown diamonds, which makes it a very interesting product for the jewelry industry. It’s a great way for independent retailers to differentiate themselves and an opportunity you wouldn’t want to miss.

Source: N. Danziger, P. “Why Are Jewelry Retailers Saying ‘I Don’t’ To Lab-Grown Diamonds If Millennials Want Them?” 2018. From https://goo.gl/36AQHg

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