LGD Special 2022 – Summit Edition

市场聚焦 JNA LAB-GROWN DIAMOND SPECIAL 2022 | 23 80 In 2020, 80 per cent of US consumers polled by The MVEye were aware of lab-grown diamonds, up from 9 per cent in 2010 and 30 per cent in 2016 在2020年,80%的受访美国消费者对实验室培育钻石 有所认识,高于2010的9%和2016年的30%, 数据源自The MVEye的研究 The lab-grown diamond (LGD) industry is growing by leaps and bounds as the product’s narrative of sustainability, flexibility and innovation resonates with more consumers around the world. Industry analyst Paul Zimnisky forecasts that the lab-grown diamond jewellery market will almost double in size by 2025. In a press release issued in October 2021, Zimnisky said, “Estimated lab-diamond production for use in jewellery has grown from just a few hundred-thousand polished carats per annum as recently as four years ago to almost three million polished carats in 2021 worth almost US$2 billion, representing an estimated mid-tohigh single-digit percentage of the total global polished diamond market. The figure is forecast to grow to almost US$4 billion by 2025.” Liz Chatelain, president of market research and consulting firm The MVEye, estimates that lab-grown diamonds currently constitute around 8 per cent of the global diamond market. “Large sizes of lab-grown diamonds with consistent quality are in demand across markets. Coloured LGDs are also much sought after. ‘As Grown’ stones, which did not undergo any post-growth treatment or colour enhancement, are also favoured and becoming a differentiator in the retail space,” Chatelain revealed. While the US is arguably the largest market for LGDs at present, Australia, India, China and Europe are seeing the most growth in demand, she said. Zulu Ghevriya, CEO of lab-grown diamond jewellery brand Smiling Rocks, agrees. Demand for LGD jewellery is soaring in the UK and Australia, while Japan and South Korea have started to take notice of the product category, he points out. “Asian markets traditionally believe luxury should be a high-value asset. Modern consumers in Asia are however now seeing lab-grown diamonds as a luxury option and appreciate what they represent,” said Ghevriya. Product appeal Consumer awareness and acceptance is driving the growth of the LGD category, Chatelain noted. In 2010, only 9 per cent of consumers in North America polled by The MVEye were aware of lab-grown diamonds. This grew to 16 per cent in 2012, 21 per cent in 2014 and 30 per cent in 2016 before jumping to 58 per cent in 2018 and soaring to 80 per cent in 2020. Several factors contributed to the growth of acceptance of LGDs, said Chatelain. Over the years, retailers increasingly embraced the category as it offered solid margins and enhanced their business alongside mined diamond items. Growing customer requests for the product also prompted retailers to stock LGDs. Celebrity endorsements of – and in some cases, investments in – LGD brands boosted the category’s credibility and appeal among consumers. LGD demand was strengthened too by the emphasis placed by millennials and Gen Zs on anything sustainable, including LGDs, Chatelain added. The growth in lab-grown diamond brands and their subsequent direct-to-consumer advertising likewise played a significant role in raising awareness and interest in the category. Lab-grown diamond jewellery by Smiling Rocks的实验室培育钻饰

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