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Selling Lab Grown Diamonds

By the end of 2020, over 80% of consumers were reporting awareness of lab-grown diamonds, and consumers are overwhelmingly positive about the option.

That’s a pretty dramatic jump in awareness from barely 18 months prior, when less than 45% of consumers reported lab-grown diamond awareness. Not surprisingly, the number of jewelry specialty retail stores carrying lab-grown diamonds has also increased, to just over 50%.

These numbers are supported by VDB’s own data, which shows that lab-grown searches are now equal to mined diamond searches.

It’s Not “Either Or.” It’s “This And . . . “

Not surprisingly, we’re hearing from a lot of retailers that would like more insight into how to sell lab-grown diamonds while continuing to support strong mined diamond sales. And that’s the right question, because we clearly want to continue to build mined diamond sales while adding on the lab-grown offering.

While it’s true that lab-grown diamonds will displace some mined diamond sales, there’s more than enough business for both categories, as long as you market and sell effectively. Here are a few tips for maximizing your potential in both lab-grown and mined diamond sales.

  • Offer a lab-grown diamond to every customer who seems ambivalent about mined diamonds. Since the movie “Blood Diamonds” hit in 2006, many consumers have avoided diamond buying. They may not say anything, but you can tell they’re not interested. You can bring them back by offering lab-grown as an alternative!
  • Encourage more diamond buying among your best customers. Die-hard jewelry customers will buy diamonds every three or four years, and most customers buy diamonds less often than that. Encourage them to buy mined diamonds for the big milestones they always buy for – like significant anniversaries and birthdays. But use lab-grown diamonds to get them to purchase a diamond jewel once every year!
  • Use lab-grown to break a stalemate when a customer is about to leave you to find a “better deal” on the mined diamond they want. You know which one we mean . . . the bigger diamond for a lower price. You know when they leave your store they’re not likely to find that better deal, but you still may lose them in the process. Before they walk, pull out the lab-grown option and get them back into the discussion.

Lab-grown diamonds offer an exciting opportunity to expand your sales. Use these tips yourself, train you sales staff on these techniques, and let the results drop to your bottom line. And hey – if you have any other great tips on how to sell lab-grown diamonds, we’d love you to share! At VDB, we’re always looking for ways to help our customers be more successful!