June 2021 | Lab Grown Magazine

June 2021 | The Lab Grown Diamond Resource Book 12 To advertise call (888) 832-1109 | June 2021 13 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. Publisher Zev Oster Manager David Oster Editor Cynthia Unninayar Features Writer Dan Scott Graphics / Production Kim Kennelly LabGrownAds@gmail.com Advertising & Sales LabGrownMagazine@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 A division of Perceptions of Lab-Grown Diamonds In my last letter, we mentioned De Beers' Diamond Insight Flash Report #6, which talks about 2020 as a year of change for the diamond industry. The report also provides statistics from a tracking study of lab-grown diamonds conducted by De Beers' biannual 360 Market Reach. This national panel of 5000 respondents shows that "even as affluent consumers were purchasing high- value natural diamond jewelry, they were becoming increasingly aware of LGD jewelry. Whether affluent or non-affluent, consumers were interested in and open to LGDs." The report continues, "...it is clear that LGDs occupy distinct territory in the jewelry repertoire: LGDs are seen as new, modern, fun, and appealing for impulse or self-purchase." On the other hand, the study goes on to state: "While 47% of consumers do not agree with the statement that LGDs are 'real,' consumers will still seriously consider acquiring them for the primary reasons that they are 'fashionable' and cost less than natural diamonds." The 360 Market Reach study also shows that in terms of gifting, 55% of women say for "...'myself,' making them a self-purchase item in serious competition with apparel and leather goods." During the two years that this LGD tracker study has been conducted, the main concerns of consumers regarding lab-grown diamonds "have remained consistent: They are 'not as rare' as natural diamonds and will not retain their value over time. Because of these concerns (and their interaction – lack of rarity and lack of intrinsic value being clearly interrelated), 7 out of 10 consumers state that they would not pay more than $1,000 for an LGD." Will these lower prices open up opportunities, therefore for "fun" and "fashion" purchases? Pandora's recent news about moving away from natural to LGDs shocked the industry but this bold move may answer that very question. ThE feature article in this issue includes an interview with Edahn Golan, one of the world's most quoted authorities on the diamond industry, including LGDs. You won't want t o miss it. Zev