Creativity Shakeout 2023: Madestones expects an explosion of innovative ideas in the man-made diamond jewelry market
Madestones announces significant transformations on the market that are coming and promise to bring a creativity boom. 2023 seems to force the industry to react
ANTWERP, BELGIUM, January 5, 2023/ EINPresswire.com / -- A few of the last years can be called a “golden period” for lab-grown diamonds. The segment has successfully overcome the challenges related to market acceptance of the newly-emerged product. Manufactured diamonds have got the status of a diamond and passed through the all needed certification procedures. It was recognized as sustainable and became one of the most demanded jewelry items. Lab-grown diamonds market share is constantly increasing and promise to reach new and new record point every coming period. Indeed, due to data from financial observers, the lab-created diamond market demonstrates the potential for an annual growth rate of 7.2%.
However, experts claim that the potential is not yet a reality. Reality will depend on how the segment meets new challenges related to a so-called “golden period” of existence. Currently, producers have at least two central challenges - Staying afloat and Getting ahead of their heads - that are strongly intertwined.
In recent years market observers fix a significant decline in lab-grown diamond prices. It is well seen when comparing prices for natural and manufactured diamonds. Due to Edahn Golan, in January 2020, the average difference in cost paid for one-carat diamonds was 51% and last month, that cost gap was 76%. Sure, it is one of the actors facilitating demand, but what’s about producers? How this decline affects their businesses? Experts assure that the temps of growing demand do not comply with the temps of lowering the production costs and it could result in a dramatic pace of events.
You might hear that increased volumes of production and shortening the time of growth from months to hours allow manufacturers to produce more synthetic diamonds spending less money for production. It was true right a few years ago when the number of manufacturers was not as big as it is today. The innovativeness and promising opportunities of the lab-grown diamond industry attract many investors. Multiple businessmen launched small local enterprises not to buy diamonds somewhere in the opposite corner of the world. So, the wave of huge demand is highly dispersed; it can warrant prosperity for no one manufacturer. So, they all should think about trying to take advantage because this advantage can help them stay afloat.
Demand was growing because of the novelty factor. Today almost everyone can afford lab-grown diamonds and everybody, who wants to get a product, most likely, has already bought it. There is no need to have two or three identical jewelry pieces, isn’t it?
Today it is not enough for producers to grow diamonds, they need to produce something special or build partnerships to add extra value to man-made diamonds.
Thierry Silber, Madestones’ CEO, tells that the jewelry community feels an urgent need for some kind of cohesion, and core players have started to discuss possible ways of differentiating lab-grown diamond jewelry and creating additional value.
Paul Zimnisky, who is a diamond analyst, considers that there are four characteristics that could shape the man-made diamond jewelry industry: 1) limitless supply, 2) standard superior quality, 3) branding and proprietary design, 4) custom shapes and colors.
Some of these characteristics are already in focus. Both manufacturers and distributors strive for superior quality, which includes also sustainability standards like CO2 neutrality.
Some of the characteristics have recently occurred to be on focus. It is said about branding. Many brands - Breitling, Blue Nile, Swarovski, and Pandora - embraced lab-grown diamonds and expanded their fashion-oriented lab-grown lines just this or last year.
Creative design, limitless, and exceptional customization are about to be the core points of attention in the coming 2023 year.