The Australian jewelry industry is undergoing a significant shift towards lab-grown diamonds, mirroring a trend seen in the United States. Craig Miller, CEO of JC Jewels, recently discussed this shift on the Rapaport Diamond Podcast, highlighting the growing popularity of synthetic diamonds among price-conscious consumers.
According to Miller, Australian jewelry stores have transitioned from offering lower-quality diamonds to showcasing lab-grown diamonds in their windows. This shift is attributed to the value proposition that lab-grown diamonds offer, resonating with Australian consumers seeking high-quality, affordable options.
Miller, who was among the first to introduce lab-grown diamonds to the Australian market, revealed that seven out of 10 engagement-ring sales at his clients’ retail stores are now lab-grown diamonds. To protect retail clients against potential price declines, Miller limits the amount of lab-grown stones they purchase for inventory, ensuring a balanced market.
During the podcast, Miller also shared personal anecdotes about introducing lab-grown diamonds to his father, an industry veteran, and provided insights into the Australian diamond market, including consumer preferences and sourcing practices.
As the industry continues to evolve, with lab-grown diamonds gaining traction, it is clear that Australian consumers are embracing this new trend. To stay informed on the latest developments in the diamond and jewelry industry, listeners are encouraged to subscribe to the podcast for valuable news and analysis.
