“Lab-Grown Diamonds is probably the biggest scam this industry has ever seen,”: Leibish Polnauer, Founder-President, Leibish & Co.

An interesting story from the Leibish & Co takes you way back to the year 1979 when young Leibish Polnauer, then a diamond polisher, was travelling to London, having just found out that the factory at which he worked had been shut down. He found an advertisement...

24 june 2019

Botswana mining industry players speak on speculative exploration licences

Speculative mineral exploration licences was a recurring theme from presentations made by three players in Botswana mining industry at a conference convened in Gaborone. The country has issued thousands of exploration licences, across the mining industry...

17 june 2019

Design is the key to all markets

Besides being an astute businessman, Mumbai-born Laksh Pahuja is a designer par excellence known globally for his awe-inspiring unusual jewellery pieces. Trained at the Gemological Institute of India and Harrow College of Art England, Laksh combines...

10 june 2019

Mutual mass destruction will not serve anybody’s purposes

The recent moves by the U.S. Federal Trade Commission (FTC), including its letters urging some companies to abide to the revised edition of FTC Jewelry Guides and the explanations from FTC attorney Robert Frisby posted on the FTC website were...

03 june 2019

Pavel Sokolov: Every stone has its beauty

THE ‘GEMSTONES BY SOKOLOV’ brand has been popular for over 25 years. The aim of this company is to supply any kind of gem studs to the Russian market including the unique ones except diamonds of any cut. The product range by the SOKOLOV Company is very...

27 may 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