The first area of disruption is in the consumer’s perception of diamonds. Successful marketing campaigns have sold the myth that a diamond’s value is linked to its rarity. Its origin. However, 150 million carats of diamonds enter the system each year—every other woman owns a diamond, and can easily buy one at the nearest mall or online.
In the last 25 years, lifestyles have evolved, and buying patterns have shifted. The diamond buyer is much more educated about the product. Many buyers are realizing that ‘rarity’ is little more than a well-marketed myth.
We have observed hundreds of stores over the last 3 years; it is clear that value is rarely associated with origin. If ‘rarity’ actually dictated decided value, diamond prices would have increased unwaveringly, year after year. Value is more about the emotional weight behind the gifting of a diamond—whether it is a gift from a father to a daughter, or someone’s promise of eternal love. This is the intrinsic value of a diamond, whether earth-created or lab-created.