June 2024 | Lab Grown Magazine

June 2024 | The Lab Grown Diamond Resource Book 12 Mailed to 24,000 Jewelers Monthly - To advertise call (888) 832-1109 | June 2024 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 Features Writer Dan Scott Graphics / Production Kim Kennelly LabGrownAds@gmail.com Advertising & Sales LabGrownMagazine@gmail.com Circulation 24,000 Magazines Printed &Mailed Monthly Distributed at Show Bins PO Box 683 Pomona, NY 10970 T: 888-832-1109 F: 212-257-7056 www.LabGrownMagazine.com Find us on A division of Zev Lab-Grown Super Power Rising interest rates have made consumers extra careful about their purchasing - especially items priced in the thousands…like diamond engagement rings. America comprises about half of the world’s diamond retail sales (natural and lab). The complexities of the G7’s mandate to ban Russian diamonds (bout 35% of all natural) and the demand to gain the point of origin for natural diamonds gives LGDs two big wins: Less natural at market, and any LGD grower need not be concerned if they must prove their country of origin – right down to the zip code, if desired. With De Beers up for sale, they’re finding themselves to be their own competitors. Their LGD spin off, Element Six, branded as Lightbox Diamonds, is dropping prices on what appears to be a weekly basis. This, while their expectations for high natural diamond sales in China just didn’t hit the expected demand mark. National Jeweler reported, “[Lightbox Diamonds] is now selling its ‘finest’ lab-grown diamonds—D-F color, excellent cut, and VS clarity—for $900 a carat.” A very-curious way of pricing by color grade since no diamond grading reports have ever been produced for any Lightbox diamond. “We don’t need them,” was the memorable quote hitting the headlines last year. On May 10, 2024 The New York Post announced: “De Beers slashed the price of its lab-grown rocks by nearly 40%.” Now, Lightbox Diamonds are reduced in to $500 a carat from $800 — a 37% discount “The lower cost will be a “permanent reduction” a De Beers spokesperson claims. Yet brands like Ritani are doing fine in LGD sales. “We’re “steady” and {LGDs] are a big part of the privately-held company’s sales, noted Ria Papasifakis, head of products for the diamond brand. Presently, Ritani charges about $500 per carat for their LGDs compared with about $15,000 per carat for their natural selections. Beyond the obvious LGD engagement ring market takeover, consumer demand for LGD pendants and earrings have greatly increased in recent months. This due to price conscience consumers who shopped for Valentine’s and Mother’s Day jewelry gifts. Dan Scott of Luxe Licensing and our monthly features writer notes this and more in this issue. Our Secrets to Success series continues including how new LGD technology is increasing dramatically. AKorean research team can produce LGDs in less than three hours, but there’s more to this you need to know, if you read our feature story this month. LGD success is in the air and on more engaged couple’s fingers. Dan Scott’s feature incudes how brands in Europe have picked-up on trending men’s engagement rings, and how LGDs are a key part in this second major global attempt to increase the bridal jewelry market bottom line worldwide. To success,