October 2022 | Lab Grown Magazine

October 2022 | The Lab Grown Diamond Resource Book 20 To advertise call (888) 832-1109 | October 2022 21 s lab-grown diamond (LGD) companies continue to sprout in the U.S., and in concentrated regions such as China and India, mergers, acquisitions and initial public offerings also seem to growing within the LGD sector. Historically, these are typical business maneuvers corporations use to contain and control any sector or category. Aligned with these corporate investment decisions, how diamonds are being merchandised are being refined and redefined. And, in some ways, abused. Indecades-old jewelrymerchandising classifications, we’re starting to see LGD levels, or categories, falling to three major subgroups, each come with a warning, and an opportunity. Within the LGD world, we haven’t seen any notable bespoke or “couture” jewelry labeling yet. The top level of merchandising classification for LGDs would fall under “fine jewelry.” As a category, “fine jewelry” is defined as having a precious metal (18-karat gold, platinum or palladium) as a base metal often including diamond design elements. This upper tier category tends to shun sterling silver, unless a major designer name is attached with that specific metal). The name “fine jewelry” is overtly abused. Nothing off the rack is “couture” Remember when “haute couture” first hit the runways in a major media way? It only took a few years before the classification name was shortened to “couture,” and, almost overnight, items like “slightly imperfect” apparel overruns were being tossed around at discount department stores complete with “couture” tags. “Couture” quickly became more of a “wanna-be” or joke term. Words like “bespoke” and “high jewelry” have mostly replaced the “couture” reference in highest level of diamond jewelry class. Hello demi-fine The second level in jewelry merchandising was called “bridge,” but the term blurred the lines too often between what was intended to be sold a “fine” and what was being sold as “something between fine and the lowest level known as costume). Enter “demi-fine” (previously known as “bridge”). While more accepted in Europe, demi-fine is enjoying a healthy acceptance in North America within the last three years. Demi-fine designs are a nod to a more minimalistic, modern style which features either a precious metal (often silver, 10 to 14k gold or 14-18k plated gold) with semi-precious or non-precious gemstone (s). Demi-fine also includes precious gemstone (s) set within a non-precious metal or material. To offer a demi-fine timepiece example, take the iconic sports watch brand TAG Heuer (they were also the first and to date the only known watch brand to test LGDs) TAG Heuer mostly produces stainless steel casing and wrist straps (like Cartier, Bvlgari or Bell&Ross). Yet TAG also offers many rubber wrist straps (just the like three aforementioned giants of late). Those TAG watches are sold in the “fine jewelry department” - simply due to their branded luxury namesake, not the material make-up. Rubber strap watches like Swatch or Timex will easily sell in a “demi-fine” area or store. For more on demi-fine you may visit https://youtu.be/ JIznAcd4K5s The lowest jewelry classification category is “costume,” which also acts as a “catch-all.” This is where disposable, inexpensive and non- precious metal jewelry live among CZ, crystal stones and all forms of plastics reside. Or at least, that used to be the case… How do you classify LGDS? In the mind of a merchant, where do you place LGDs and why? If you’re a fine jewelry retailer, we’ll use Bachendorfs as an example, you may not be offering LGDs at all (which they don’t). Their consumer base is delivered a message that LGDs are not fine. Neiman Marcus holds the same stance. On the flip side, Saks Fifth Avenue sells Diamond Foundry’s VRAI brand in 14K and don’t try to tell them that’s not “fine jewelry.” That noted, certain brands may properly define and support a genuine fine jewelry sales presentation with the use of 18k and higher precious metals coupled with a higher standard of producing ethically-proven man made diamonds. These include New York’s ALTR, and the reinvigorated Oscar Massin brand.