October 2024 | Lab Grown Magazine

October 2024 | The Lab Grown Diamond Resource Book 20 Mailed to 24,000 Jewelers Monthly - To advertise call (888) 832-1109 | September 2024 21 HOW LABORATORY-GROWN DIAMONDS COULD SAVE THE JEWELRY INDUSTRY BY DAN SCOTT (AND SELL MORE NATURAL) ome people were born to debate, especially on the lab and natural diamond topic. This non-stop diamond tug-of-war seems nec- essary to stay in the game, but we’re here to strongly suggest and prove why you shouldn’t pick up that rope or take a “side.” By remaining neutral in your diamond purchas- ing behavior, your store will automatically provide your customers with options enriched by the knowl- edge of what influences their buying decision. Price will always remain a priority as younger consumers enter a market of volatility and inflation. That has long been the case. What’s different is fractional, but critical to understand. Embracing this understanding will connect you to your newfound shoppers with a high degree of em- pathy and compassion. Remember, when you sell an engagement ring to a couple – regardless of the center stone’s origin or creation, you’re not selling a piece of jewelry. For the majority of couples, an engagement ring is a love connection and a spiritual symbol. It is of- ten blessed during a martial ceremony, typically with holy intentions and lead by a church, temple or synagogue elevated individual and aligned with wedding bands. Engagement rings are a life-changing item. So pre- cious is this ring, its worn every day and frequently considered a future family heirloom. Here’s where value is defined by symbolism and heritage - not resale value . That noted, several retailers who have reached out to me expressing concern I was “tout- ing lab and throwing natural under the bus,” clearly didn’t read past the first few words of this story’s headline from part 1 and repeated here. I lean on facts and attempt to underline the impor- tance of diamond unity. That’s what the attempted launch the world’s first ombudsmen’s-focused dual diamond unity group was to be: the Mined and Man- made Diamond Alliance. It failed. Debuting last November as the sponsor to the Dia- mond Dilemma, a global multi-stream hosted by JCK’s Rob Bates and three of the world’s most re- spected diamond analysts, it got a lot of attention. Shortly thereafter I was sued by more than one large public diamond company protecting themselves by a settlement prohibiting me to speak of the case, along with taking my entire life savings. The most I can release is the MMDA.world site was forced to be disconnected and the initial members were refunded their membership fee in full. Note: there are major money, power and egos at stake when a person or group publicly attempts to extend an olive branch. Mine caught fire, but my mission statement and diamond stance is unwaver- ing… Unity we stand. Divided we fall. Is Engagement Ring Jewelry? The psychographics behind why LGDs are outsell- ing natural are founded in a fractional split of reason number 1. Many recent studies (sponsored by pro only LGD folks by and large) note what everyone already knew – price dominates the purchasing decision aligned with a “bigger diamond for less.” You could continue the fractional style rationale of a 1a, 1b, etc., by adding the quality of the diamond purchase as a number one factor with price. After all, any CVD diamond is a Type IIa and these dia- monds are often grown and cut bigger than average, many getting closer and closer and some achieving the flawless variety. Trending: 4 and 5 carats+ with the center stone be- ing LGD has smart designers leveraging a hybrid of natural diamonds as accent stones while keeping the LGD center larger than average. Studies continue to claim sustainability is the second highest reason for consumer LGD buying allure: sustainability-related factors. It’s really looking to be more of 1b vs a 2. a brand of lab- y R.A. Riam Group. roducts, Lab-grown hah. ALTR Created Diamonds, a leading lab-grown diamond company, announced that its lab-grown diamond producing division has achieved SCS-007 Sustainability Rated Diamonds Certification fro third-party certifier, SCS Global Services. ALTR achieved certification by meeting all the requirements of the SCS-007 Certification ALTR Created Diamonds is a brand of lab-grown diamonds created by R.A. Riam Group. They have achieved an SCS-007 Sustainability Rated Diamonds Certification from third-party certifier, SCS Global Services, by meeting the requirements and paying SCS. The Certifica- tion Standard for Sustainability Rated Diamonds is the first multi-stakeholder sustainability standard developed by SCS Standards for the diamond sector.