Indian gem and jewellery manufacturers have the skill and capabilities to cater to any market in the world

Besides spearheading the “White Paper” last year, Colin Shah, Vice Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) has been actively involved in the initiatives of the Council like MyKYCBank and many more… A first generation...

11 february 2019

The Indian gems and jewellery industry was progressing in the past and will certainly progress in the future

Dinesh Navadiya, the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India, is also the representative of the Gujarat G&J sector at various organisations as well as government authorities...

04 february 2019

The Russian Diamond Line: We do not believe that gifted persons would win through on their own

The Russian Diamond Line, a Moscow international jewellery contest of jewellery design, has been held for a decade already. At the end of the year, the results of the jubilee RDL-2018 contest were summed up, and on December 14, the prizewinners of the...

28 january 2019

New lending will have to be fully asset-backed with true provenance and transparency in the flow of goods and monies

After handling Gem & Jewellery (G&J) industry financing as a banker for many years, Erik A Jens sees an opportunity now that numerous banks are withdrawing from the sector. He is exploring opportunities to establishing a financing firm focusing...

21 january 2019

The majority of women don’t care whether their diamonds are mined or lab grown - Alex Popov, CEO of Âme

Alex Popov, President of the Moscow Diamond Bourse and former Chairman of the World Diamond Mark Foundation (WDMF) launched a new jewelry brand under the name of Âme focused on design and using lab grown diamonds to produce jewelry meant to meet...

14 january 2019

More consumers choosing lab-grown diamonds for their engagement ring

14 february 2019

Bridal market consumers continue to choose lab-grown diamonds as their choice for an engagement ring stone in increasing numbers, as indicated in a newly released report, A Diamond Choice 2019, Lab-Grown Diamonds & The Future of The Diamond Industry. The report, published by the International Grown Diamond Association (IGDA), is wide-ranging but specifically highlights the results of a consumer research study it commissioned in Fall 2018.
According to the report, 66% of millennials actively shopping for an engagement ring say they will consider a lab-grown diamond, and 23% say they will definitely buy a ring with lab-grown diamonds. The main purchase driver is the fact that a consumer can get a larger, better quality lab-grown diamond for the same price as a smaller mined diamond. Consumers expect lab-grown diamonds to be certified just as mined diamonds are 56% of consumers are now aware of lab-grown diamonds, compared to just 9% in 2010.
The study, conducted by MVI Marketing LLC, an industry research firm that has been studying the lab-grown diamond market for well over a decade, highlights growth in lab-grown diamond awareness and attitudes as well as purchase interest, with an emphasis on the bridal sector. “Critical mass of consumer interest is now converging with increasing acceptance of lab-grown diamonds by retailers. This unique moment in time will propel growth for many years to come,” noted Marty Hurwitz, CEO of MVI.
Despite conflicting reports in the trade about which direction lab-grown diamond prices are moving, the report acknowledges that some prices have gone down, mostly in the smaller size goods, but states that for higher quality, larger lab-grown diamonds suitable for bridal, demand exceeds supply and prices are stable and increasing.
“Over the last two years, the anecdotal feedback from IGDA members has been that the bridal category is where they’ve had most success. The extensive survey conducted by MVI confirms this as well as corresponding consumer attitudes toward lab-grown diamonds, indicating the significance of the opportunity in bridal,” added Richard Garard, Secretary General, IGDA.

Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished, Brussels