Lab-grown diamonds provide an option for customers seeking affordability, Brilli...
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Lab-grown diamonds provide an option for customers seeking affordability, Brilliant Earth CEO says
rattles consumer spending,
Lab-grown diamonds are gaining popularity as consumers make affordability and ethical sourcing a priority.
Brilliant Earth (BRLT) is one of the jewelry companies seeing this trend first-hand. CEO Beth Gerstein said two of the reasons consumers are turning to the lab-made diamonds: affordability, and, the fact that they don't require mining.
The stones have the same physical and chemical properties as mined diamonds, "but without the conflict and questionable ethical practices that are common in some diamond mines," according to Brilliant Earth. And lab-grown diamonds are less expensive than their traditional counterparts.
"They do allow you to get that bigger diamond that you've really had your eye on," Gerstein said.
According to the International Gem Society, a resource for gem professionals, lab-grown diamonds typically cost 30% less when comparing stones with similar qualities, depending on the "targeted size range," and it appears consumers are buying into the lower price point.
In December 2022, lab-grown diamonds accounted for 15.7% of all engagement rings sold in the U.S., nearly double the 2021 figure of 7.9%, per jewelry-industry analytics company Tenoris.
Gerstein said she believes most shoppers don't buy diamonds for their resale value. "They're buying a diamond for the emotional value. It's a symbol of love and commitment and so whether its natural or lab, customers are buying this because of how it makes them feel."
Brilliant Earth sells both lab-grown and traditional diamonds, and despite recent interest in the lab-grown variety, that's not necessarily making a huge dent in the company's bottom line.
Brilliant Earth saw sales drop slightly year-over-year in its fourth-quarter results, to $119 million compared to $121.9 million in 2021. While its total orders increased by 13.7% year-over-year in 2022, the company said in its Q1 2023 outlook that it expects a drop in sales, from $96 million to $94 million. And since the company's IPO in September 2021, shares of Brilliant Earth are down more than 77%.
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