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Innovations have long become a part of life. Today, calling the XXI century the age of innovations is saying nothing about its true challenges. It is rather the arena battle for skyrocket ideas fast-replacing each other. Once appeared, a good idea is promptly implemented and then promptly modified to beyond recognition. Companies now have no chance for long assessments, analysis, or trying on the progressive tendencies; any delay or hesitation costs money and a strong market position. To catch the trend on the fly is the only way to survive.
Diamonds market players felt all the aspects of this new rule in action when facing the phenomenon of man-made diamonds. While producers and retailers were rejecting the new product as fake and holding onto conventional mined stones tightly, the consumers made the choice for innovations. Observers claim that the breakthrough in the man-made diamond industry occurred because of Millennials and Gen-Z who carried out significantly new ideology. This age groups consider the price or luxury less than the added value related to individual identity, exclusiveness, conscious choice, and the sense of product’s worth.
To become sure of this fact one can track the process of lab-grown diamonds’ entering the market starting from the fifties when they appeared and ending with current days. Thus, for the first sixty years, man-made diamonds reach only 1 million carats market volume while the last ten years have brought eight-time raise in overall sales worldwide. One can easily notice that the time of increasing synthetic diamonds’ purchasing is the time of Millennials’ coming into their purchasing age. Thus, the tendency is expected to be developing further. Analytics predicts that by 2030 market volume will reach around twenty million carats.
When monitoring the temps of business re-orientation from natural to man-made diamonds, we can assume that these predictions have all the chances to become true and even exceed expectations. Many jewelry companies having a strong business identity based on other stones for the centuries are gradually becoming the hot appreciator of man-made diamonds.
Thus, being inspired by the granddaughter, Nadja Swarovski, the founder of Swarovski Crystals announced that lab-grown stones and sustainability will be the core pillar of the brand’s philosophy. One more of the world’s biggest jewelers, Pandora, resolved the same solution and claimed it will no longer sell natural mined diamonds but switch to exclusively laboratory-made diamonds. Even De Beers, a leading diamond mining company, accepted the value of man-made diamonds and launched a new project embracing cultivated stones.
Anyhow, lab-grown diamonds are an innovative choice in jewelry and embracing them is a matter of business success. Thierry Silber, the founder of Madestones, claims that this train started to move, it could not be stopped, and “It is every retailer’s choice to jump on its board or stay on the platform and wave while the train moves towards the future destinations”.
