Michael Hill expands LGD to 23 outlets, while Lab Grown Diamond Exchange is now launched

Lab Grown
[Image Courtesy: LGDEX]

Michael Hill now sells Lab Grown Diamonds across 23 outlets and online

Australian jeweler Michael Hill who introduced Lab-created diamonds 3 months back at a single store in Queensland on trial basis, is now selling Lab Grown diamonds online and across its 23 outlets in Australia, New Zealand and Canada. The company is currently procuring its Lab-grown diamonds from Fenix Diamonds who uses both High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD) methods to grow diamonds.

 

Lab Grown Diamond Exchange is now launched

Jerry Ehrenwald, who exited as President and CEO of IGI North America to start a platform for Lab-grown diamond exchange has finally launched LGDEX.org (Lab-grown Diamond Exchange) based in New York. A first of its kind online exchange for buying and selling LGD, the platform lists Lab-grown diamonds by sellers free of charge, accepts LGD reports and descriptions from sellers, gets its verified from independent third-party gemological labs, and charges a 2.5% transaction fee to both buyer and seller once the listed diamond is sold.

Based on the data collected from LGDEX.org, Laboratory-Grown Diamond Price Index will be published, providing actual cash asking prices and insights on LGD values. The price list which will reflect business-to-business prices against the consumer market values, will be prepared by the exchange in collaboration with GemGuide of Gemworld International, who does not engage in buying or selling of gemstone but only conducts research and pricing.

Jeremry says “My purpose in establishing the Laboratory-Grown Diamond Exchange is to have an accurate and reliable database of asking prices from all players involved in this emerging industry. As a longstanding professional gem and jewelry appraiser, the need to factually substantiate the cash value of LGDs is of the utmost importance. The Laboratory-Grown Diamond Exchange will not only provide valuable in-trade services, but will be an informative educational resource for all.”

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