April 2024 | Lab Grown Magazine

April 2024 | The Lab Grown Diamond Resource Book 20 Mailed to 24,000 Jewelers Monthly - To advertise call (888) 832-1109 | April 2024 21 e l c ome to a new series filled with good news. In this storyline sequence entitled “Secrets to Success,” we will only feature positive discoveries, North American retailer success stories, and reputable third party charts and graphs to prove you’re in a much better LGD selling position than you may have been lead to believe. As an independent jewelry retailer you have several “secret keys” that are forgotten, not often used, or not used consistently. Allow the key facts within to support each example offered in this series. Let’s start opening more doors of opportunity for you right now. Here’s a strong opening fact: The global CVD LGD market is projected to reach $15.9 billion by 2027. You’ll read how analysts predict this growth and how are they applying a value proposition to LGDs. Our first key is a very controversial one: LGD price. The natural diamond community remains very busy pushing recent headlines such as “The Lab-Grown Diamond Market Boom is a Bust,” “The Era of Lab-Grown Diamonds Comes to a Halt?” or one of my personal favorites: “Lab Diamonds Are Too LABORATORY-GROWN Perfect for Their Own Good,” comparing the quality of natural and LGD stones side-by-side with very similar grading reports and carat weights, leads us to broadcast quality news. Picture Pricing Any new product (especially one within technology, and LGDs are a technology byproduct) is nearly always forecasted to decline in price once tested and launched backed by consumer demand. When any new product comes to market there is typically one leader, or a small group of competing companies vying for the excitement of a launch and profitability from the newfound consumer popularity for the item. Once that item goes “main stream,” a flood of companies rush in to produce the same (or better) and LGD price wars begin. NRF’s research on the decline in television prices is dramatic but was expected. While falling deeper and faster than analysts forecasted, the notable drop in any new or advanced TV introduction (flat screens in this case) experience a significant price reduction once U.S. competitors flood the market and/or overseas companies with far less expensive labor takes the American production and export lead. Graph: The National Retail Federation published in 2023. LABORATORY-GROWN BY DAN SCOTT A FOUR-PART SPECIAL SERIES PART I DIAMOND