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In an handle to the Israel Diamond Convention, De Beers co-chair Bruce Cleaver has asserted his perception that ‘pure’ diamonds and lab-created diamonds can co-exist within the jewelry market.
Cleaver stated that regardless of lab-created diamond gross sales in bridal jewelry rising, there is no such thing as a purpose for this to be seen as a ‘loss’ for these providing pure diamonds.
“Clearly bridal has been affected, and numbers are exhibiting important volumes of gross sales being lab-created. Firstly, that is within the US solely, which isn’t the one market,” he stated.
“Secondly, though bridal is essential — and I’m not for one minute indicating that it isn’t — it represents solely about 26 or 27 per cent of whole jewelry demand.”
He added: “In no way are gross sales of lab-created engagement rings cannibalising [natural diamond jewellery sales].”
De Beers has produced lab-created diamonds through Element Six for a few years and in 2018, launched a line of lab-created jewelry beneath the Lightbox brand.
Cleaver steered that lab-created diamonds could possibly be reaching clients who beforehand weren’t all in favour of diamonds.
“This is perhaps a approach of getting new entrants into the natural-diamond world who would possibly commerce up at some point to pure. We’d by no means have had these folks within the diamond trade,” he stated.
“[Lab-created diamonds] are a definite and separate class, and one which has a completely totally different worth proposition from pure diamonds. With lab-created provide forecast to extend by round 70 per cent this yr, constructing on a 100 per cent enhance seen over the previous three years, this trajectory, and this bifurcation, could be anticipated to proceed to speed up.”
Cleaver beforehand served as De Beers CEO, with Al Cook dinner recently replacing him.
Extra studying
Crystal gazing: the future of lab-created diamonds
Campaign success for lab-created diamond supporters
Campaign continues to bolster India’s lab-created diamond industry
Diamond industry expectations for 2023; what’s in store?
New CEO takes reins at Lightbox Jewelry
Lightbox exploring bricks-and-mortar options
Forecasting the future in times of great change
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