Jewellery retail giant, Signet, is open to stocking lab-grown diamond jewellery in its stores if consumers demand it.
The Group, which owns H Samuel and Ernest Jones in the UK, already carries lab-grown gemstones such as sapphires and rubies, but is yet to capitalise on demand for lab-created diamonds.
In a recent press conference call though, Signet chief executive officer, Virgina Drosos, says they are watching the lab-grown diamond market closely.
She comments: “As you probably know we don’t carry lab-grown diamonds in any of our banners today, but we have a very customer first mind-set on this and we want to focus on delivering the products and experiences that customers want. So we are very closely monitoring and assessing the demand for this emerging category.”
Research shows demand for lab-grown diamond products is being driven by self-purchasing women.
Signet’s research backs this claim.
Drosos explains: “What our research shows is that customers prefer natural diamonds for those really important purchases – a bridal purchase, special birthday, graduation, and those kinds of things – but there could be some growing interest in the fashion jewellery space for synthetic diamonds. So we’ll make sure that Signet is well positioned to participate in that space if the growth and the economics of it are attractive and if customers point us in that direction.”