Aida Leisure, founder and owner of DBS Fine Jewelers in St. Michaels, Md. said she appreciated the JCK Talks educational sessions. They helped her understand what's new when it comes to lab-grown diamonds.
“My interest in this exhibition is how to market lab-grown diamonds. Should they fall under the fine jewellery category or the fashion bridge category?’ she said.
Dan Dement, owner of Stone Oak Jewelers in San Antonio, said there is “much greater acceptance of lab-grown diamonds. People are coming in and asking for them.”.
But it wants more clarity on prices. “Prices are scary,” Dement said. “I don't see how they can continue to fall at the rate they are falling. But I think it's time for some stability.”.
Jeffrey Cohen, is president of Craft Lab Grown Diamonds. He acknowledged that prices are not in line with the demand for lab grown diamonds, which is increasing.
“So right now in the lab business we are in the Wild West,” he said. “There are people who are out there dumping commodities without thinking about the long-term investment. But in doing so they are removing the value of the product. Consumers don't even want it that cheap.”
“People ask me where the bottom is. I don't know. There's still the labor cost. I don't think consumers even want the product that cheap.”.
Vinit Jobanputra, president of Sanghavi Solitaire, said the trick to handling lab-grown diamonds is like «parachuting in».
“You buy fast, you sell fast,” he said. “You replenish lower. People who don't sell fast enough take the biggest hit. So we continue to lower prices. We want to be the cheapest.”.
He noted that the price of 3.12 ct. F VS1, $2,500 last year is now $1,250.
Jobanputra also said that retail margins for lab-grown diamonds are the same. But he expects this to change as online competition intensifies.
Another issue in relation to diamonds that is of concern to many JCK participants: it is the possible sanctions on Russia.
Although the recent G7 summit did not result in the expected ban on Russian processed gemstones, participants in JCK's “Natural Diamond Updates” panel warned attendees at the show to expect sanctions.
Tiffany Stevens is the president and CEO of the Jewelers“ Audit Committee. She explains that the traditional way that US sanctions work is that they are small at first and then ”ratchet up".
All this means improved source monitoring. “Knowing the origin of a diamond has become increasingly important.” Said De Beers CEO Al Cook at the opening ceremony of his company's pavilion. This was how he was advertising the company's services for the code of origin.
He added that De Beers, like the rest of the industry, is committed to sustainability. Even in the decoration of its Las Vegas pavilion. “They'll even replant the plants and donate them to local organizations.”.
Another topic of discussion was the economy. JCK buyers generally agreed that the jewelry business is in decline. This compared to the exciting days of 2021 and 2022. But some said their sales are still high, especially at the high end.
“Customers are buying like crazy,” said Cathy Calhoun, owner of Calhoun Jewelers in Royersford, Pa. “Specialty design sales are crazier than ever. It's hard to keep up.”.
He said they are still buying, albeit a bit more “cautiously” than they did at the height of the pandemic.
Mehul Shah is the head of Shivani Gems in New York. He believes that people are ready to spend on jewellery again. “After COVID, there has been an explosion in travel,” he said. “But now it has calmed down. I look at the fares, they're very cheap.”.
Source: jckonline.com
