July 2020 - Lab Grown Magazine

July 2020 | LG | The Lab Grown Diamond Resource Book 8 To advertise call (888) 832-1109 | July 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. Cautious Re-Opening As pandemic fears lesson in some parts of the country, a number of companies are beginning to cautiously re-open, including those in the jewelry industry. There can be no doubt that Covid-19 has had — and continues to have — a disastrous effect on the economy and many individual lives. Aside from the tragic loss of life, some businesses will sadly not re-open their doors, crushing the dreams of their owners. Yet, the jewelry and gems industry as a whole has shown itself to be resiliant, having weath- ered storms in the past. Clearly, though, it will take some time and it would be unwise to try and predict consumer demand or sales growth in the immediate future. What we can predict, though, is that digital marketing, communication and e-commerce will continue to grow and play an increasingly important role in how business is carried out. During the lockdown, we have seen — and con- tinue to see — a plethora of webinars, conferences, courses, and even mini-trade shows conducted on- line. People are connecting in new and novel ways, and this new normal in the way we interact with each other is likely to become even stronger in all aspects of business going forward. It behooves companies to understand this new normal and appreciate the marketing possibilities offered by the digital age.This includes the various social media platforms and how the entire supply chain can benefit from direct interaction with the public and the trade. And, even during the crisis, lab-grown dia- monds are making news. Lightbox, De Beers’ lab- grown jewelry brand, delayed its new factory in Oregon due to the virus. Despite this slowdown, the company indicated that it expects to be up and running by the end of March 2021 with an annual capacity of 200,000 carats of polished LGDs. In a somewhat related matter, the Diamond Pro- ducers Association changed its name to the Natu- ral Diamond Council. In conjunction with a new strategy that includes abandoning the slogan “Real Is Rare,” the NDC hopes to better resonate with younger consumers, while noting that its mission is not to attack LGDs in the process. The feature article in this July issue takes a look at how you can open new doors and profits in the LGD sector by incorporating fancy color lab- grown diamonds (and other gemstones) into your product offer. You won’t want to miss it. Until next time, please stay safe during these uncertain times. Zev