How the world’s two biggest diamond companies are plotting against the rise of lab-grown gems

The two most influential diamond companies in the world are taking strategic steps to address the growing threat of lab-grown diamonds to the industry. Signet Jewelers, the largest diamond retailer globally, has started including a disclaimer on receipts for lab-grown diamond sales, cautioning buyers about the potential decrease in value over time. They are also training their sales associates to educate customers about the unique attributes and enduring value of natural diamonds.

On the other hand, De Beers, the largest diamond producer, recently introduced a new diamond verification machine to provide buyers with confidence in purchasing natural diamonds. The increasing popularity of lab-grown diamonds poses a challenge as they are almost indistinguishable from mined diamonds to the naked eye.

Both companies are gearing up for significant marketing campaigns to promote natural diamonds as the industry anticipates a surge in wedding engagements post-pandemic. Despite the rise of lab-grown diamonds, the trend seems to be shifting back towards natural diamonds, as the profit margins for lab-grown diamonds have decreased significantly due to oversupply.

Retailers are facing pressure from plummeting prices of lab-grown diamonds, causing some to shift their focus back to natural diamonds. The industry is working to emphasize the value and uniqueness of natural diamonds through coordinated marketing efforts. Marketing plays a crucial role in educating consumers about the benefits of choosing natural diamonds over lab-grown alternatives.