LAB GROWN DIAMONDS
WHY LAB GROWN DIAMONDS
WE BELIEVE THAT HIGH QUALITY FINE JEWELRY NEED NOT COME AT A GREAT HUMAN OR ENVIRONMENTAL COST.
- BEAUTY & BRILLIANCE
- Lab diamonds are chemically, physically and optically identical to mined Diamonds. Most of these diamonds (CVD’s) gets classified as type IIA (Kohinoor quality) which means much higher brilliance and radiance.
- ETHICAL & ECO FRIENDLY
- Lab created diamonds are diamonds that are ethically grown with minimal environmental impact. A responsible choice given that no mining is required.
- VALUE
- Lab diamonds offer excellent value, and are much more affordable than mined diamonds of comparable sizes and quality.
- WHY INTRODUCE LAB GROWN DIAMOND JEWELLERY IN YOUR STORE
- The Introduction of Lab grown Diamond (LGD) jewellery has already given a major thrust to the Diamond Jewellery Segment in the US and is a picking momentum in other countries as well including India. The Lab grown Diamond jewellery has tapped new Customer segments and making it imperative for the jewellery retailers to embrace this category into servicing the New Customer Base. LGD on an average is expected to grow at least 300% to 400% faster than the other jewellery categories.
- FACTORS WHICH ARE CONDUCIVE FOR A RETAILER TO INTRODUCE LAB GROWN DIAMOND / JEWELLERY
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- Incremental Business Opportunity
- This segment offers retailers to cater to the new millennial customers, Price sensitive customers, Gifting segment etc.
- Higher Return On Investment
- Since the LGD’s are economically priced. The affordability factor of consumers results in High Return On Investment.
- New consumer segment
- Plain gold jewellery buyers who cannot afford normal solitaire jewellery but hugely aspire for buying diamond jewellery rather than just plain gold jewellery can be easily upgraded into buying LGD jewellery.
- Millennials and Gen Z who normally do not enter jewellery showrooms to buy diamond jewellery because of its high prices are today willing to buy LGD jewellery due to its affordability and low environmental impact.
- Such young generation will have a very high “Life time Value” for retailers i.e. the repeat buying over the years will give huge value.
- The Gifting segment which is price sensitive becomes more accessible and affordable with great aspirational value.
- Larger Volume business as a new category
- New Walk ins - New young buyers and also upgrading plain gold jewellery buyers into LGD jewellery buyers likely to increase the turnover.
- Higher conversion – Affordabilty and sustainability factor of LGD jewellery will result into higher conversions.
- Improved ROI - The average per sq foot returns likely to grow by upgrading buyers into this new category.
- Visionary Jeweller
- Diamonds of the future being offered to the "woman of substance" today.
- Better Value for your consumers and more money for the retailers
- Incremental Business Opportunity
| Lab Grown Diamond | Mined Diamond | |
|---|---|---|
| Is it a Diamond? | YES | YES |
| Lasts Forever | YES | YES |
| Price | $$ | $$$$$ |
| Made of 100% Carbon | YES | YES |
| Conflict Free 100% | YES | NO |
| Mining | NO | YES |
Comparison between Grown Vs Mined
| Diamonds | Grown Diamond | Mined Diamond |
|---|---|---|
| Chemical Composition | C | C |
| Crystalline Structure | Cubic | Cubic |
| Refractive Index | 2.42 | 2.42 |
| Dispersion | 0.044 | 0.044 |
| Hardness | 10 | 10 |
| Density | 3.52 | 3.52 |
Lab Grown diamonds Vs Mined Diamonds
| LAB GROWN | MINED DIAMONDS |
|---|---|
| Created inside a reactor treated to extremes of temperature & pressure and gases | Created deep within the earth’s crust under extremes of temperature and pressure and gases |
| Easy to extract/access to the rough diamonds | Access to rough diamonds requires years of exploration and mining which requires huge efforts, human resource & money |
| Are chemically, physically and optically identical to mined diamonds | Are chemically, physically and optically identical to lab grown diamonds |
| Since there is no mining cost the benefits are passed on to the consumers and so the lab grown diamonds are almost one third the price of mined diamonds | Very high costs of exploration and mining costs makes the mined diamonds almost 2 to 3 times more expensive than lab grown diamonds |
| Quality of diamonds is comparable to the mined diamonds and graded in the same manner as mined diamonds | Quality of diamonds is same as lab grown but more expensive due to high mining costs. The process of quality grading by a certification lab is same for both mined and lab grown diamonds |
| These are ethically sourced and are conflict free | Some of these diamonds are still smuggled out of conflict zones and at times are termed as "Blood Diamonds" |
NEWS AT GLANCEALL NEWS
Jun 1, 2021/BENU JOSHI ROUTH
In 2015, after her return from London, investment banker Pooja Sheth was scouting for an opportunity to start her entrepreneurial journey in India when a meeting with Bakul Limbasiya, a leading manufacturer of lab-grown diamonds, provided her with a direction and purpose.
MAY 11, 2021/VIRGINIA POSTREL
Since the first Earth Day a half-century ago, large industries have grown from the widespread conviction that “natural” foods, fibers, cosmetics and other products are better for people and the planet. It’s an attitude that dates back to the 18th- and 19th-century Romantics...
Oct 30, 2020/Pamela N. Danziger
Lab growns withstood the mined diamond interest’s attempt to delegitimize the category to being recognized as real as anything that comes out of the ground. And because carat-for-carat they are priced about 30% below mined diamonds, consumers are driving demand for this new precious stone.