Lab-grown diamond trade poised for growth, say industry experts

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Lab-grown diamond trade poised for growth, say industry experts

Demand for lab-grown diamonds is expected to strengthen further on the back of sustained consumer education as well as buyers’ increasing interest in sustainable practices and product innovations. 

At a timely webinar on prospects in the lab-grown diamond market held on June 17 as part of Jewellery & Gem ASIA Hong Kong’s (JGA) online edition, JGA Virtual, industry experts discussed business opportunities, branding strategies and how branded lab-grown diamond jewellers are effectively capturing the attention of millennial and Gen Z consumers.

The webinar, Lab-Grown Diamonds: Rising Stars of the Jewellery Industry, featured Marty Hurwitz, CEO and founder of THE MVEye; Zulu Ghevriya, CEO and co-founder of lab-grown diamond jewellery brand, Smiling Rocks; and Diana Verde Nieto, co-founder and CEO of Positive Luxury, who talked about the significance of The Butterfly Mark and the relevance of sustainability to today’s consumers.

According to Hurwitz, while the lab-grown diamond industry is in its infancy, demand has grown exponentially particularly in the US and Europe, thanks to consumers’ growing penchant for innovative and sustainable products.

Ghevriya meanwhile underscored the importance of socially responsible practices, which is the crux of Smiling Rocks’ operations. Lab-grown diamond jewellers could tap into massive opportunities moving forward as buyers gain more knowledge of the product. He also highlighted the potential of Asia as an emerging market for lab-grown diamond jewellery.  

Nieto, for her part, talked about “mindful luxury,” which governs the buying decisions of today’s sustainable-minded consumers.

Click the link to watch the webinar recording. 

JGA Virtual is the synergy-enhancing digital component of JGA. It opened on June 17 and will run until July 7, 2021.

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