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JCK Las Vegas Recap: “Positive Vibes and Retail Confidence” for Lab-Grown Diamonds
The JCK show, one of the jewelry industry’s most important trade shows, took place in Las Vegas this June. Now in its fourth decade, the event hosted thousands of attendees and exhibitors from all over the world, covering every aspect of the industry. One of the major topics of conversation was lab-grown diamonds. Marked by wild fluctuations in price over the past five years, LGD and their effect on diamond prices and the industry as a whole has been an ongoing concern for lab-grown and mined diamond proponents alike. We talked to representatives from five diamond growers to get their impression of the show and of the future of LGD.
Price Stabilization is Key for LGD’s Future
Prices were at the top of everyone’s minds. Prices are stabilizing, which growers see as a good thing for the LGD sector. “It looks like the free fall of prices in all categories of lab-grown diamonds was preventing the customers from buying,” said Tushar Parikh (Eternity Diamonds). “There is a need to do something by all the growers to stop this free fall of prices and to gain back the customers confidence.”
With prices stabilizing, many in the LGD sector look forward to growth. Vipul Patel (Labon/Greenlab) said, “As growers, we think that the prices have bottomed out and now there is a good interest amongst clients to start buying and stocking lab-grown diamonds and jewelry for the forthcoming season, which is very positive sign for the lab-grown industry.”
Vipul Shah (Meraya Lab-Grown Diamonds) felt the outlook for lab-grown diamonds was “Quite good in terms of price stability. It will further fuel customers’ trust in lab diamonds.” He added, “I am confident that the coming season will be very good.”
But not everyone is so confident. Mr. Parikh (Eternity Diamonds) highlighted falling prices and decreasing sales of LGD, adding that “Traders and manufacturers who buy roughs are suffering the most. Whether they sell loose or jewelry, certified or non-certified…all the categories of LGD are suffering huge losses.”
Niraj Sojitra (Maitri Lab Grown) gave an extensive assessment of where the lab-grown diamond industry is now and where it is headed:
Surprisingly, the demand for lab-grown diamonds remains strong, with consumers displaying an unyielding interest in these exquisite gems. What's even more remarkable is that customers are not clamoring for discounts; they are genuinely content with the prices, which have stabilized.
This enthusiasm is fueling a desire for more, as people are actively seeking to expand their collections and indulge in larger stones and heavier jewelry. The growth trajectory of the lab-grown diamond industry appears promising, with an increasing number of individuals recognizing the unique benefits and allure of these ethically-produced gems.
As we look to the future, it's evident that lab-grown diamonds will continue to captivate consumers' hearts and elevate the industry as a whole. Their sustainable nature, coupled with their exquisite beauty, presents an enticing proposition for both new and seasoned jewelry enthusiasts. This burgeoning market holds tremendous potential for growth and innovation, promising a dazzling future for lab-grown diamonds that sparkles with opportunity.
Overall Impressions of JCK 2023
As for the event itself, Mr. Patel (Labon/Greenlab) found JCK 2023 to have been “a great event for the lab-grown diamonds players. The main reason was a more than expected foot traffic of existing & new clients to the Lab Grown Pavilion and we have seen clients taking a very serious interest in lab-grown diamonds.” Nirav Virani from DV Jewelry also praised the amount of foot traffic and saw “a lot of inquisitiveness in lab three carat and below.”
Mr. Patel (Labon/Greenlab) summed up the event nicely: “To sum it up, this year we have seen lot of new clients coming to join the lab grown diamond business, positive vibes and retail confidence as the prices have been steady and we will see a good buying interest from clients for the upcoming season and we are hopeful that this year the Lab Grown Diamond Industry will see a very good season ahead.”
Overall, those in the LGD sector seem optimistic. “The future of lab-grown diamonds shines brightly,” said Mr. Sojitra, “and the recent success of the JCK show serves as a testament to its tremendous potential. As this innovative industry continues to evolve, we witness a remarkable opportunity unfolding before us.”