April 2021 | Lab Grown Magazine

April 2021 | The Lab Grown Diamond Resource Book 20 W ith global vaccination against Covid-19 in full swing, relative relief from the pandemic is hopefully close at hand. Still, masks are close to faces and will stay there for an unpredictable amount of time. A year with Covid and counting, one thing is agreeduponby all—the retail shoppingexperience has unquestionably changed forever. The good news: We’re gauging and understanding current consumer psychographic buying propensities and personal shopping behavioral changes. And, the results continue to be surprising. According to a 2020 McKinsey study on global consumer behavior changing amid Covid-19, over 65% of consumers intend to continue new buying behaviors that they acquired during the pandemic through the post-vaccine era. This means digital shopping remains dominant, but what is being sold? How do you leverage people online to be people in-line? Retail success in the post-pandemic era earmarks trust, authenticity, and personalized omnichannel experiences that transcend the limits of any digital offering. In-store must be in-tune with the customer in a physical, brand- centric way. With literal touchpoints, lasting consumer brand loyalty is seen and sustained. Lab-grown diamonds (LGDs) are moving into an internet shopping favorite category. And LGD’s are moving to a $29.2 billion forecast by 2025 according to a recent report by Bain & Co. Forget Bitcoin; You Need BitCarbon IGI has introduced the world’s only regulator- approved diamond commodity in the tangible sense. You can now buy the first-of-its-kind diamond coin. Thanks to a partnership with Diamond Standard, a leader in industry innovation, the concept has caught Wall Street’s attention. “Diamonds are the ultimate hard asset—a $1.2-trillion natural resource that was never properly accessible to investors,” said Cormac Kinney, founder/CEO of Diamond Standard. “Our breakthrough technology, working hand- in-hand with IGI labs and grading, unlocks the potential for diamonds to take their place next to precious metals as a secure, deliverable, and easily traded commodity.” E-commerce Is New Again Augmented reality is back with a curve ball, via digital Try-On services. One overseas company By 2025, LGDs are forecast to have a market value of $29.2 billion; by 2030, they may account for 10% of the global diamond market. (Graphic: Luxe Licensing)