Man-made diamonds have abruptly broken into the jewelry market and changed it forever. Yet, it was not an easy transformation. Besides the typical stages of acceptance, this innovative product was to come through seven circles of hell just to prove its nature and have a right to be called a diamond. It took two-thirds of its lifespan.
Being born in the laboratory in 1950, man-made diamonds were called a diamond in 2018 when The Federal Trade Commission (FTC) reviewed the definition in Guidelines. Just four years ago it was acknowledged that diamond not obligatory has natural origin but can be produced in the laboratory setting and regardless of origin it is also a diamond. This reasoning allowed the removal of the word "natural" from the definition.
It is worth admitting that this revision becomes possible because of quality that has been already proven until this moment. Man-made diamonds were explored by appropriate institutions and their physical, chemical, and optical properties were identified as identical to the features of natural diamonds. They have been certified according to the 4C's system since 2007.
These two dates were turning points for the man-made diamond industry. While some companies, like Madestones.com, managed to see clearly the true value of the ethical product at once, others were hesitating about entering the segment or rejecting the product at all. So, formal acknowledgment became a kind of green light for the second group of companies - those who had doubts but looked for a chance to enter the jewelry market or enhance their market positions. It was a good start that enabled first producers to promote the product's advantages, upgrade many production processes and develop a holistic marketing strategy that, finally, brought popularity.
Due to expert assessments, the man-made diamonds industry reached a 6bn point this figure is predicted to be doubled in the next five years.
Where do these predictions come from? One can easily find the answer by knowing a little about marketing rules. Just recall in your memory famous brands that have recently adopted ma-made diamonds to their jewelry lines and you will see.
Even those, who are not hot lovers of jewelry, know about the sensational decision of the world's largest jewelry maker Pandora to "democratize diamonds". Yes, man-made diamonds were accepted by Pandora with such an epic explanation. It is indeed made brand jewelry more affordable for people, especially for youngsters, and allowed it to enlarge the circle of potential consumers. Besides being a wise business step for Pandora, the brand's acceptance of lab-grown diamonds also opened the door to a big stage for the product.
Recently, the famous luxury watch brand Breitling announced its updated sustainability program. Using only man-made diamonds by 2024 is the axis of this new sustainable agenda. The announcement was supported by presenting the first released "fully traceable" $20,000 watch - the Super Chronomat Automatic 38 Origins - bearing artisanal gold and lab-grown diamonds. For Breitling which is dedicated to achieving positive impacts, traceability is an important issue and for this reason brand has turned to man-made diamonds.
We can mention also other brands embracing lab-grown diamonds or having started to invest in them, but our latest example will be enough to demonstrate the scale of the acceptance and impending market performance. It is said about the LVMH fashion conglomerate which includes a few luxury brands. Bulgari, Cartier, Louis Vuitton, and Tiffany are among them.
Not so far, in 2019, Tiffany's management insisted that "lab-grown diamonds are not a luxury material and they don't see a role for them in a luxury brand".
Yet, this wall is also breached and LVMH Luxury Ventures invested in the man-made diamonds industry. It is a remarkable event for the jewelry market. As Marty Hurwitz, who is the founder of research firm "The MVEye" claims that LVMH's investment in the lab space is a statement that man-made diamonds are going into luxury in a big way.
This adventurous journey from rejection to acceptance seems to have a happy end and excellent potential for new success stories.