Jared Diamond Stores, the top tier of the Signet jewelry brand group’s market, promotes lab-grown diamonds, or lab-created diamonds, as they prefer to call it. To highlight the store’s growing category, the brand produced its latest bridal jewelry collaboration with say yes to the dress Pnina Tornai, Kleinfeld’s star and exclusive wedding dress designer. The jeweler hosted a brunch at The Palm House at Brooklyn Botanic Gardens in a nod to the similar way a seed becomes a plant, or in this case, a natural composition becomes a manufactured diamond.
Jared and Jewelry Services President Bill Brace and Merchandising Manager Laura Brown were on hand to explain how diamonds are quickly becoming a sought-after commodity category for the national jewelry store. According to Brown, customers who cannot afford a 1 carat naturally mined diamond can purchase a 1 or 2 carat lab-created diamond, often offering better clarity.
“It’s more than just people becoming more aware of sustainability and environmental reasons. It’s the ability to see the bigger picture. The category is multiplying in our business,” Brown said, declining to provide concrete statistics on the category, which debuted just two years ago. .
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Tornai, who caters to her fair share of brides via say yes to the dress and Kleinfeld, supported him. “Young people say they’re not satisfied with a stone under 3 carats. They want a bigger stone, and LCD diamonds are the answer,” she said. The Pnina Tornai ONE
Brace confirmed that Jared does not reveal the relationship between the LCD and the actual diamonds the retailer offers, but asserts its growth. “I’ll tell you, it’s become a pretty big, healthy percentage of our business and it’s grown very rapidly over the last two years,” he said. He argues that Jared’s position is that they love diamonds, period, regardless of their origin. The need was driven by customer demand.
“We tend to see LCD diamonds favor younger customers under 35, but not exclusively. People are looking for bigger, bolder styles, and on average, LCD diamonds are more prominent than mined diamonds,” he continued. “It’s a noticeable difference in value.”
To compare similar diamonds, a mined price and a lab created one can be significantly lower and the brilliance significantly higher. For example, a 2 1/4 carat mined diamond of color I and clarity 11 sells for $12,999.99, while a lab-created diamond of color F and VS2 clarity 2 1/5 carats sells for 9 $999.99.
Jared is one of the merchants and vendors benefiting from the record weddings expected this year. There has been an uptick in engagements during the pandemic, which Brace says is mostly sustained.
“We are optimistic about the upcoming wedding season as weddings create more weddings,” he said, noting that weddings and guests are also looking for jewelry to wear to a wedding.
“Self-Gifts have been on the rise across the board, as have weddings, but our fashion jewelry has had the biggest gains over the past two years,” he said, noting that Gifts romances to mark milestones were also stable.
Men are also part of the trend. While watches have traditionally been the male self-purchase market, recent years have seen the comeback and rise of men’s gold jewelry; necklaces, rings and earrings. “It’s influenced by athletes who come onto the field fully dressed; some baseball players even wear beads as a sign of individuality. Brace said the brand created a special trophy C-letter piece for the Cleveland Cavaliers .
Although their online business more than doubled in 2020, it only represents 20% of Jared’s business. Physical stores remain crucial for Jared, with an emphasis on experience.
“People buy with an online and in-store combo. They go online to scout and research what they want and come to the store educated with that knowledge, like the 4 Cs. But they want to have a human experience to get advice and build trust,” he continued.
Online guests can view a gemstone at 40% magnification. In-store, Brace said guests were free to explore the jewelry styles at the gathering table, where they could try on facsimiles of the jewelry styles. Plus, in-store you have access to the Foundry, a computer with jewelry design software that customers can use to reinvent and design a custom piece. “Maybe they want to reuse Grandma’s ring; we can melt down the gold and use the stone to create a new piece. We offer these bespoke experiences so people get what they want” , assured Brace.
After closing some underperforming stores, Brace confirmed that Jared will be opening several new stores across the United States. In addition to its off-mall locations, Jared has opened a new bridal-focused small store format combining fine jewelry with technology in Tysons Corner, VA and Salt Lake City, UT with plans to open a third location in Las Vegas, NV.
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