Prestige Promenade pearls and sweets
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34 | thejewelrybook.com L A B - G R O W N D I A M O N D S A L E S have exploded in recent years as the supply of lab-grown diamonds expands, and consumers have become very receptive to the lab-grown proposition. Statistics show that the lab-grown diamond market share continues to rise in consumer acceptance. With LGD sales currently topping 35% and heading towards 50%, it is a market that is very hard to ignore. It is signifi cant and telling that DeBeers entered the lab-grown market in September 2018 with the express strategy of restricting their product to diamond fashion jewelry. In response to the growing consumer demand, DeBeers announced in 2023 that it will enter the engagement ring market after beginning to off er loose lab-grown diamonds in 2021. LVMH's announcement of an investment in a lab-grown grower further indicates a sea change in the market. e price proposition of LGD allows your customers to own a signifi cantly larger diamond or a piece of jewelry with a greater total weight than with mined diamonds. Customers today are also increasingly concerned with the social, ethical, and environmental impact of their purchases. Lab-grown diamonds address these concerns and allow your customers to feel great about their purchase from you. ere are compelling reasons to enter the market. Your competition is constantly growing, and now is more advantageous than later. e more important reason is that consumer demand continues to grow. Consumer research indicates that most consumers do consider lab-grown diamonds a luxury product. e key to selling is to fi nd out what your customers want and sell it to them! Lee is a professional in the diamond and jewelry industries with a career spanning decades. He has a vast understanding of the diamond business, its intricacies, strengths and challenges both in the domestic and global markets. His skill set comprises wholesale and retail buying, manufacturing, selling, compliance and ESG, training, and managerial and executive experience. Lee possesses the combination of work ethic, independent thinking, strategic outlook, leadership skills and understanding of the many facets of the diamond / jewelry industry that must all be incorporated to make an impact in this complicated environment. Full bio at www.kuperstein.com. Amish R Shah, Founder of ALTR Inc and J'EVAR ALTR Created Diamond Bracelets by Lee Kuperstein Exciting New Opportunities: l a B - G R O W N D I a M O N D S Fall 2023 | Industry News