While lab-grown diamonds have been around for decades, recent improvements in technology have finally made the production of high-quality stones possible. Despite some initial hesitation in the industry to add them into the mix, lab-grown stones have evolved into a hot new product category. More and more retailers and manufactures of all sizes are adding them to their offerings, and most importantly, consumers have started to take notice. But lab-grown diamonds require some careful presentation to the end consumer and some retailers struggle with how present the stones alongside their mined counterparts.
In this episode, host Travis Searle talks with Marty Hurwitz, CEO of MVI Marketing, about the current status of lab-grown diamonds, their revenue potential for retailers, the marketing techniques jewelers are using to promote them, and what the future holds. Marty, a third generation retail jeweler, founded MVI Marketing back in 1987. MVI provides consumer and trade market research along with strategic consulting to a global client list in the luxury goods space. Marty and MVI have been closely following and researching the lab-grown trend for the last several years.
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