The Future Star in Gems? Can Lab-Grown Diamonds Add Value to Luxury Brands?
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Abstract:
The purpose of this paper is to determine if lab-grown diamonds can add value to fine jewellery and luxury brands. We evaluate the current consumer trends in the diamond market as well as industry developments to see if they support lab-grown diamonds. Through these observations as well as our own dipstick research, we find that synthetic diamonds, even though having the same crystal structure as natural ones, are still perceived as inauthentic by a significant number of consumers and jewellers (in this paper we use the term synthetic because lab-grown diamonds are often referred to as synthetic diamonds or nature identical as opposed to simulant diamonds which refer to cube zirconia, moissanite, YAG.) Furthermore, they retain little to no value over time and don't have a compelling enough story, which are prominent issues for luxury consumers. Our findings conclude that while lab-grown diamonds may add value to premium fashion and mass-market jewellery brands, the high luxury houses fear that these stones will totally devalue and damage their brands and are unlikely to ever be investment pieces. There remains a place for both to live side by side with each other.
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