During the mass launch of laboratory-grown diamond jewellery, the marketing strategies used have undermined consumer confidence in jewellery overall, said Gaetano Cavalieri, President of the World Jewelry Confederation (CIBJO), at the World Gem and Jewelry Development Conference 2024 in Hainan, China.

Dr. Cavalieri stated that luxury items do not inherently possess value; their worth is perceived, created by brands and shaped through cultural associations. If consumers lose confidence, the value diminishes. Without confidence, diamonds and other gemstones are just coloured stones.

He identified several factors contributing to this issue, notably the rapid growth of the lab-grown diamond sector over the last decade and reduced production costs. The impact of lab-grown products on the diamond market has not been adequately addressed.

Dr. Cavalieri explained that comparing synthetic diamonds to natural ones has been a crucial mistake, as the economics of limited natural resources differ fundamentally from manufactured products. This conflation has shaken consumer confidence in both categories.

He concluded that both sectors must redefine their strategies to present their products clearly and positively to restore consumer trust. Later, Dr. Cavalieri delivered a presentation on developing grading and sustainability standards for pearls, stepping in for Kenneth Scarratt, who was unable to attend the conference.

Image Source: CIBJO