CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
EditorsApr 24, 2014
When the Times doesn’t dazzle
This past winter, one of my esteemed industry colleagues included a saying in one of his blogs that I had never heard before: If you really want to be wary of the mass media, read an article on a topic about which you are particularly well informed.
On April 19, The New York Times published a story online that mentioned lab-grown, or synthetic, diamonds titled “When Diamonds Are Dirt Cheap, Will They Still Dazzle?” (It also appeared in the Times’ New York print edition the following day.)
While the overall message of the article, that technology could shift people’s perception of where value lies, is an interesting point certainly worth discussing, much of the information given in the article about lab-grown diamonds was wrong.
To begin with, the writer never seems to grasp that lab-grown diamonds are, in fact, real diamonds. They were just grown in a lab, not underground.
His column states that diamonds grown using the “new” chemical vapor deposition (CVD) process are “visually identical to mined ones” and the caption (which the author of the article might not have written) for the photo at the top of the story states: “Chemical vapor deposition can produce diamonds, created from gases, that are virtually indistinguishable from mined diamonds.”
It’s unclear whether this means indistinguishable visually or in a grading-lab sense. Either way, it’s wrong. Lab-grown diamonds are real diamonds so they, of course, are visually identical. But they can be detected by labs, which is not to say that there aren’t lab-grown diamonds that slip into the mined supply chain undetected.
The author also writes that “Tumbling prices will transform many longstanding social customs. An engagement diamond, for instance, will lose its power as a token of commitment once flawless two-carat stones can be had for only $25.”
I am not sure how he arrived at the $25 figure but it’s well-known that one of the hurdles facing lab-grown diamonds companies are the costs and time involved in producing larger diamonds. To date, they haven't been able to do so in a way that really threatens the market for mined engagement rings.
That’s why the focus, as industry analyst Ben Janowski so wisely pointed out this week when sharing the Times story on Facebook, is on lab-grown melee. That is the real problem for the industry.
And, of course, no consumer press article on the diamond industry would be complete without an arcane reference to De Beers’ monopoly and their evil hold over the diamond industry. “Renowned art
originals will always be scarce, and so will high-quality mined diamonds, at least while De Beers holds sway,” the writer states. With what, its market share that has now dipped below 40 percent?
After reading the article, I wrote an email to the author, who is a professor at Cornell University, pointing out some of these inaccuracies and asking him a few questions. I will be sure to write a follow-up post if he answers.
But that’s not really the point of this blog, which wasn’t written solely for the purpose of questioning the abilities or methods of another writer.
Instead, I write to make retailers aware of the type of coverage diamonds are receiving in the consumer press, lest they be confronted with questions about this article, or any that might follow.
After reading the article, I wrote an email to the author, who is a professor at Cornell University, pointing out some of these inaccuracies and asking him a few questions. I will be sure to write a follow-up post if he answers.
But that’s not really the point of this blog, which wasn’t written solely for the purpose of questioning the abilities or methods of another writer.
Instead, I write to make retailers aware of the type of coverage diamonds are receiving in the consumer press, lest they be confronted with questions about this article, or any that might follow.
More on Editors
The Latest
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
