September 2020 - Lab Grown Magazine

September 2020 | The Lab Grown Diamond Resource Book 16 To advertise call (888) 832-1109 | September 2020 17 A 5.7-carat white LGD (left) and a rough mined diamond. (Photo: IIa Technologies) Trilliant-cut LGD under loupe inspection. (Photo: Green Rock Diamonds) After non-stop legal threats against SKI, Goldman unleashed a six-month FTC in- vestigation against SKI and me personally. In the end, we overcame all legal swipes since we stuck to the facts. This included author- ing “Full Disclosure: Contemporary Metals,” a report mailed to over 100,000 retail buy- ers that was later published by the Journal of Brand Strategy . Finally, on 4 October 2011, SKI overcame the FTC judgement and we were free to pro- ceed exactly as we had been. Scott thought that he won the war. He didn’t.The industry didn’t. Goldman didn’t. Cobalt went out as fast as it came in.Tungsten sales dropped like a lead balloon.Titanium took the contempo- rary metal crown. Lesson learned… Dueling metals did not work to anyone’s benefit, and neither do dueling diamonds. Full disclosure, however, is a fact-filled friend. Diamond Destiny In the world of fine jewelry, watches and fashion, change, controversy and opinion are settled by end users, noted Andy Jassin of New York City’s Jassin Consultants, a high-profile, executive advisory group cater- ing to the jewelry, fashion, watches and home furnishing sectors. “As licensing and brand- ing consultants, our clients and our firm are fixated upon the strategic advancement of our marketplace’s future,” said Jassin. When asked about his take on the current tug-of- war between natural and LGDs, Jassin added, “Consumers have embraced non-conflict, re- newable and the green movement, but mined versus lab-grown diamonds was destined to occur. While technology and consumer edu- cation evolve, the diamond industry should be diligent in keeping the two like stones separated, yet fully disclosed. Regardless of the intrinsic, market value (or lack thereof ) for any consumer commodity, if marketed properly, it will sell with neighboring com- petition. Remember, luxury timepieces are sold with rubber straps, and stainless steel is adjacent to 18K gold and platinum.We must merchandise our diamond retail future so mined and man-made diamonds are stocked and sold by the same store.” Retail Re-tools Rox Gordon, co-owner of Gordon Jewel- ers agrees with Jassin. “We have mined dia- monds alongside lab-grown, and we disclose it up front.” Devon Bond, co-owner of Garrick Jewel- ers, is selling up to four LGDs each month and recently debuted an exclusive LGD bridal and fashion collection. “Most custom- ers come in wanting mined diamonds, yet we offer LGDs as an alternative and allow our customer to decide. Sometimes, the customer has a budget that will not allow them to pur- chase a mined diamond of the size and qual- ity they want, and they will gladly explore LG,” Bond stated. The De Beers Group Diamond Insight Flash Report #2, published 6 July 2020, states, “Women are increasingly also thinking about diamond jewelry as a versatile accessory, with an increase in describing it as a luxury item with ‘everyday wearability’ from 9% in Wave 1 to 22% in Wave 2 [‘waves’ reflect time periods]. With higher income and married respondents, positivity towards diamond jewelry increases further.” While offering timely evidence from the world’s finest forecast sources, Danziger writes, “Jewelry market hits the skids.” Her words suggest that market predictions and revenue actualities—especially due to ►