It’s been almost 3 years since D.NEA – an online Lab-grown diamond retailer reportedly opened the world’s first brick-and-mortar jewelry store that exclusively sold Lab-grown diamonds. Since then, the number of jewelry retailers showcasing Lab-grown diamonds in their stores, have been on rise. Primary reason for this surging trend is growing acceptance of Lab-growns among consumers.
In line with this shift, a Manila based 2-store chain – T. Florencio Jewelry, will convert one of its store to “Golcondia Cultured Diamonds” in November and will sell only Lab-grown diamonds. Apart from the plethora of online avenues where consumers can buy Lab-growns, there are many Jewelry retailers/ brands that either exclusively or along with mined diamonds sell Lab-grown diamond jewelry, including:
– Rebel Chique Diamonds (by Royal Asscher)
– Pure Grown Diamonds (formerly Gemesis)
As traditional diamantaries realize the benefits of dealing with Lab-grown diamonds they are now better armed to address the industry challenges like threat from other luxury goods. Being 100% conflict-free, clear of any inhuman practices or hazardous mining processes that cause huge environmental damage, Lab-grown diamonds provide a truly sustainable alternative for the industry to harness the potential of creating promising economic opportunities for all.
Demand for diamonds is forecasted to grow phenomenally but given the current mining scenario, supply of mined diamonds will start diminishing soon, let alone match the demand. This will lead to increased propensity of jewelry retailers to adopt Lab-grown diamonds, which present gargantuan opportunity for the industry to add another category in its portfolio.
It is very evident that more and more retailers are adopting and selling Lab-grown diamonds. As Thomas Florencio says “It is inevitable that lab-grown diamonds are the future of the industry”