40-years old Australian jeweler Michael Hill recently announced its intention of entering into Lab-grown diamond sector, on the occasion of its milestone anniversary and financial results release. Michael Hill has 306 outlets spread across Australia, New Zealand and Canada.
While its overall financial results were muted, its online purchases rose by 43.6 percent. Emphasizing the need for an “integrated, customer-led retail-operating model”, the company invested in upgrading its online store and omni-channel retail infra.
While the company is on its path to a turnaround, according to a news piece, Michael Hill started selling Lab-grown diamonds as a pilot at a single store in Queensland, to test consumer demand.
Daniel Bracken – CEO, Michael Hill said “It’s a new product category and growth opportunity… It’s the newest thing in the jewellery world and us being the first to market is another demonstration of us making sure we’re completely relevant to the modern consumer.”
While Jeweller Magazine tried to get more info about the company’s plans in Lab-grown diamonds, the company representative could not comment as some details were still being finalized.
Joining former executives of mined diamond companies, numerous traditional jewellers and other in the diamond pipeline, Michael Hill is the latest entrant in the Lab-grown diamond segment.