August 2020 - Lab Grown Magazine

August 2020 | LG | The Lab Grown Diamond Resource Book 8 To advertise call (888) 832-1109 | August 2020 9 Publisher Zev Oster Manager David Oster Advertising & Sales LabGrownMagazine@gmail.com Graphics LabGrownAds@gmail.com Circulation 25,000 Magazines Printed & Mailed Monthly Distributed at Show Bins 30 West 47th Street | Suite 707 New York, NY 10036 T: 888-832-1109 F: 212-257-7056 www.LabGrownMagazine.com DISCLAIMER: Lab Grown Magazine assumes no responsibility for content, articles, or advertisement in publication. All rights reserved. Reproduction in whole or in part in any form without prior written permission of the publisher is prohibited. The publisher reserves the right to edit all articles for clarity space and editorial sensitivities. Still Slow, But... Despite cautious re-openings in much of the country, the jewelry industry is still in the dol- drums. And, the lab-grown sector is no exception. The coronavirus will sadly take its toll, but we must have confidence that the industry will prove its resilience in the end and that the lab-grown sec- tor will come out sparkling. Before the virus, we saw growing acceptance of lab-grown diamonds by consumers for engagement rings and bridal bands, with wedding jewelry sales accounting for 87% of LGD sales in terms of value as of April 2020, according to diamond industry expert Edahn Golan.He notes, too, that consumers hurt financially by the lockdown who want to pur- chase a diamond may look for a lower-cost LGD in the size and color they want. This is a glimmer of good news. As part of remaining optimistic in these trying times, we cannot over-stress the importance of having good digital marketing and communication and the role that e-commerce plays now and in the future. This was already growing before the pan- demic and will be even more critical as we approach the new normal phase of business going forward. While sales may be down, lab-grown diamonds continue to be talked about and are making news. De Beers’ Lightbox, recently came out with a pair of 1-carat LGD stud earrings for $1800, twice the price of its earlier 1-carat offerings. It makes one wonder if this is the start of a larger foray into jew- elry. The brand also announced that it would be selling through retailers, i.e. Reeds Jewelers and others. And, despite not offering grading reports in the beginning, Lightbox now provides limited reports, with mininum specifications. Notably for the lab-grown sector, Gemworld is publishing the Lab Grown Diamond Price Index in coordination with lgdex.org , a new trading plat- form for LGDs started by Jerry Ehrenwald, for- mer director of IGI Laboratory in New York.We’ll have more on that in the future. The feature article in this issue takes a look at newsworthy happenings in the LGD sector that have not really made the headlines. From new dis- coveries and techniques that can create tiny LGDs in a mere second to the world’s largest LGD, weighing in at 155 carats, the article focuses on research in the lab-grown sector as well as other aspects of the LGD saga that are of interest to those in our industry. It’s a very intereting read. Until next time, please stay safe. Zev