Earlier this year, we covered how the diamond business had a real threat from their artificial counterparts. Now, there appears to be another sparkling contender for our hearts — gemstones. And unlike diamonds, natural gemstones have an edge over the rest of the competition…
Consumers are Shifting to Gemstone’s Spectrum of Options
At the writing of this article, Valentine’s Day has recently passed. With that in mind, note that American consumers will spend around $6.4 billion this season on jewelry…
THAT IS ONLY 10% OF THE TOTAL ANNUAL JEWELRY SALES!
Ankur Daga is the founder and CEO of the jewelry e-commerce company, Angara. As such, he’s noticed his customers buying more colorful gemstones than diamonds from his business.
“WE’RE SEEING A SHIFT IN MUCH LARGER CENTER STONE ENGAGEMENT RINGS, PRIMARILY AS A RESULT OF LAB-GROWN DIAMONDS, AND SAPPHIRES AND RUBIES TEND TO BE VERY HOT.”
However, lab-grown stones are not the only reason the diamond business is slowly declining.
Daga suggests that the number of gemstone engagement rings is up from 5% to 15% over the past decade. Because it seems that, unlike diamonds, we still prefer natural…
Why Gemstones are Resistant to Diamond Business’s Fate
Besides being colorful, gemstones are overtaking the diamond business for two reasons…
First of all, there is the classic scenario of supply and demand. Specific gems can only be mined in certain places where only some are high enough quality.
This makes more exotic stones rare and therefore expensive…
Second, lab-grown diamonds are perfect copies of the real thing. With gemstones, that “perfected look” ruins their appeal…
In short, the gemstone wearer wants something distinct.
As to whether the diamond business should worry…
Maybe.
No one wants to spend more to look basic. Nonetheless, they are holding strong as public tastes change.
After all, they do say diamonds are forever.
Be Great,
GCTV Staff
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