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Diamond Foundry Lauds De Beers Synthetics Bid
Jun 3, 2018 8:43 AM
By Rapaport News
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RAPAPORT... De Beers’ entry into the lab-grown market represents a shift in
consumers’ perception of synthetic stones, according to Diamond Foundry.
The miner’s introduction of a new line of lab-grown stones for
jewelry is key for the acceptance of synthetics in the industry, the
California-based producer said. The lack of any large diamond miner’s support for
lab-grown stones had caused conflict and uncertainty in the industry, according
to the company, which has received financial backing from Leonardo DiCaprio.
“After decades of discounting the reality and viability of
aboveground diamonds, De Beers is saying today that consumer demand has shifted
and man-made diamonds are here to stay,” the company said last week.
Diamond Foundry presented data that, it claimed, showed consumers
held positive views about lab-grown diamonds. Nearly 70% of respondents to a
recent survey by MVI Marketing said they would consider buying lab-grown diamonds,
Diamond Foundry said, citing news reports.
In contrast, a survey by the Diamond Producers Association (DPA),
which carries out category marketing on behalf of diamond miners, found that
68% of US consumers didn’t consider
lab-grown diamonds to be “real.” Consumers see lab-grown diamonds as a fun option
but not something they would buy for an engagement or other major life event,
according to De Beers, which last week unveiled its Lightbox Jewelry brand of low-priced
lab-grown diamonds to meet that demand.
“It is clear from the Lightbox positioning that they will market
synthetic diamonds for what they are — low-cost, pretty stones — and not for
what they are not: real diamonds — rare, precious and inherently valuable,”
said DPA CEO Jean-Marc Lieberherr.
India’s Gem & Jewellery Export Promotion Council echoed that
approach in a statement last week.
“[The] introduction of lab-created diamond jewelry by Lightbox
will position synthetics appropriately — [as] ‘non-precious accessories,’ which
is a small and distinct market,” the trade organization said. “Branded
synthetic diamonds have been used in non-precious jewelry by brands such as
Swarovski and are sold as a non-precious fashion product.”
Image: Diamond Foundry
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Tags:
Business Insider, De Beers, Diamond Foundry, Diamond Producers Association, Dpa, Gem & Jewellery Export Promotion Counci, Jean-Marc Lieberherr, lab-grown, Leonardo DiCaprio, Lightbox Jewelry, MVI Marketing, Rapaport News, Synthetics
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