As lab-grown diamonds (LGDs) transition from a novelty to a popular, necessary alternative, their value proposition has evolved, changing the dialogue between retailers and consumers. With LGDs now comprising 45% of the engagement ring market, how can retailers best market these diamonds?
Many jewelers emphasize showcasing natural diamonds first, introducing lab-grown diamonds as a secondary option. However, for LGD supporters, there is much more to convey than just the basics. Simply emphasizing that LGDs and mined diamonds are chemically identical seems outdated, especially since most consumers have already conducted extensive research.
Here’s an exploration of how to speak the "five love languages" of lab-grown diamonds to captivate a range of customer preferences.
1.
More for Less
Retailers should frame lab-grown diamonds as an opportunity for customers to get a larger, higher-quality stone for the same budget, rather than presenting them as a cheaper alternative to mined diamonds. For many consumers, the value in choosing LGDs lies in being able to afford a more significant diamond.
Garrick Jewelers' co-owner Gary Bond says, "About 70% of our customers choose lab-grown diamonds to get a larger stone." This strategy aligns with research indicating that 36% of consumers are willing to exceed their budget for an LGD if it means getting a diamond twice the size of a mined one.
2.
Innovation and Craftsmanship
Highlighting the technology and continuous advancements in diamond-making can captivate some customers. Jenny Chung Seeger of No.3 Fine Jewelry emphasizes discussing the science behind LGDs as much as the stories of mined gems.
Leading manufacturers like WD Lab Grown Diamonds market LGDs as the result of human ingenuity and artistry, drawing in customers with stories of scientists, engineers, and artisans crafting these modern marvels.
3.
Transparency and Traceability
While the sustainability of LGDs is a nuanced topic, the conversation can still center on their traceability and third-party certifications.
"Not all lab-grown diamonds are the same," states Anna-Mieke Anderson, founder of MiaDonna & Co., highlighting the importance of quality and ethical standards. Brands like Oscar Massin further emphasize that their lab-grown diamonds are globally certified and climate-neutral.
Consumers value the transparency that LGDs can offer, particularly when they are grown in facilities powered by renewable energy or when they carry certifications like AIDI-ESG.
4.
Simply the Best
For some consumers, the prospect of owning a rare, high-quality diamond is a driving force. Type IIa diamonds, which constitute only 1% to 2% of natural diamonds, are highly sought after. ALTR Created Diamonds leverages this by helping consumers obtain high-quality Type IIa diamonds.
Other customers, however, may appreciate LGDs for their unique qualities rather than their flawless manufacture. Seeger of No.3 Fine Jewelry remarks, "Lab-grown diamonds are not perfect; they have microscopic inclusions, warm hues, and various personalities."
5.
Modern Heirlooms
While lab-grown diamonds are often seen as depreciating assets, their true value can lie in emotional significance. Some jewelers offer trade-ins for both natural and lab-grown diamonds, adapting to market changes.
WD's Brittany Lewis frames LGDs as "a new type of modern heirloom"—emphasizing the protection of the planet for future generations rather than financial investment.
Provided by www.ebooom.com, a leading global jewelry industry supply chain service provider.