Reason #1-
Customers want them.
Customer demand for lab-grown diamonds is growing more and more every day, especially among
Millennial and Gen X consumers. In a recent study by MVI Marketing, 66% of millennial customers
reported they would consider a lab-grown diamond. This is significant because it represents a 13%
increase from last year. Also, 23% of customers reported they are definitely going to buy lab-grown.
It’s simple. If you’re not offering lab-grown diamonds to your customers, you are losing sales.
Reason #2-
Your profit margins will increase.
Lab-grown diamonds are new and exciting and consumers that choose them are much more likely
to refer their friends and family to the jeweler that helped them with this exciting purchase. They
want to evangelize this new product category and your name can be the one they tell their friends
and family about.
Reason #3-
Customers who buy lab-grown diamonds are more likely to refer their friends and family.
You will make more money selling lab-grown diamonds. Full stop. Here’s the math. If your customer
has a $5000 budget and you sell them a 1-carat round diamond (I color, SI-1 clarity, Ex cut, GIA)
set in a simple solitaire setting, you’ll gross about $1200 profit. Not bad. But if you sell a 1.5-carat
lab-grown diamond of the same quality (I color, SI-1 clarity, Ex cut, IGI) then you will gross over
$2000! If one quarter or even one tenth of your customers choose lab-grown over mined, your profit
margins will increase…a lot!
