SPOTLIGHT JNA LAB-GROWN DIAMOND SPECIAL 2022 | 26 She revealed, “In most of our studies, respondents picked fashion pieces as the top occasion/reason to opt for LGD jewellery. But there is a definite trend in brides choosing LGDs. They could have a bigger centre stone – at least 20 per cent bigger – for the money they would have spent on a mined diamond or they could spend less for the size of the diamond they wanted.” In The MVEye’s 2022 Next Gen Consumer Lab-Grown Diamond Market Research Report on millennials and Gen Zs, engagement rings – either centre stones or side stones – were the fourth top reason for picking LGD jewellery, followed by brides’ wedding ring/band and grooms’ wedding ring/band. Gifts for oneself and for others were the second and third leading occasions for LGD jewellery purchases, respectively. “An April 2022 study also indicates that 24 per cent of engagement ring purchases are made with lab-grown diamonds,” Chatelain added. More consumers are indeed saying ‘I do’ to lab-grown diamonds. Smiling Rocks’ bridal jewellery collections are among its best sellers, said Ghevriya. He is training his sights on the engagement and bridal segment this year, believing it has great potential to become a major pillar of the business. Smiling Rocks is also making inroads in the men’s jewellery market with a collection of engagement rings in gold or platinum with 3- to 4-carat lab-grown diamond centre stones. Bright future Lightbox debuted as a direct-to-consumer business, and its collection used to be exclusively available to US customers on its own website. The brand now ships to 75 countries globally and has a presence at 125 stores across the US and Canada, said Smart. “To date, growth has exceeded expectations – sales are up four times over last year and we expect they will double again this year. We are continuing to open more doors, particularly across North America and are always evaluating opportunities that will help make our product available to more people, more often,” he said. Growing consumer demand is putting pressure on supply, prompting LGD growers to expand their manufacturing facilities. Lusix is building a new solar-powered plant in Israel, while Diamond Foundry is investing US$850 million in a second facility, in Trujillo, Spain. Lightbox’s US$94 million manufacturing facility in Oregon reached its Phase 1 annual capacity of 200,000 polished carats at the end of 2021. Smart said the company expects to expand to thrice its current capacity in the future. “Lab-grown diamonds are definitely here to stay. The lower price points of LGDs versus mined diamonds allow more consumers to afford diamonds. We see the pie growing, and not a cannibalisation of the mined diamond market,” said Chatelain. 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. – Liz Chatelain, president, The MVEye Liz Chatelain, president, The MVEye主席
RkJQdWJsaXNoZXIy NjAxOTU=