Major US Retailers Embrace Synthetic Diamonds

RAPAPORT... Lab-grown diamonds will feature at some of the largest US retailers this holiday season, with J.C. Penney, Macy's and Jewelry Television (JTV) anticipating strong growth in the category. Berkshire Hathaway subsidiary Richline Group will supply a new brand featuring lab-grown diamonds to J.C. Penney, the companies said in a joint statement Tuesday. The bridal collection, called Grown with Love, also appears on Macy's e-commerce site."By bringing Grown with Love into the J.C. Penney fine-jewelry department, we are filling a void in our assortment for lab-grown diamonds," said Pam Mortensen, J.C. Penney's senior vice president of merchandising. "These unique diamonds are growing in popularity, and by offering [the consumer] this option for bridal jewelry, we are appealing to a new customer base."Synthetic diamonds have come under the spotlight this year afterDe Beers started selling its Lightbox fashion-jewelry collection, noting that the category was about fun, affordable accessories people wear every day rather than on special occasions. In contrast, Richline is targeting the bridal market in time for "the most popular season for proposals - and shopping," Mortesen added. The collection includes solitaire and halo engagementrings, wedding bands, and bridal sets, in addition to some non-bridal items such as earrings and necklaces. Its prices rangefrom $500 to $10,000, compared to De Beers' $800 per carat. J.C. Penney will house the pieces in its fine-jewelry department alongside displays educating consumers about the differences between lab-grown andnatural diamonds, Richline said. The line will also be available on J.C. Penney's e-commerce site. Meanwhile, JTV started offering lab-grown diamond jewelryon its 24/7 nationwide broadcast network, as well as through its website, sourcingstones from multiple partners around the world. "While demand for traditional mined diamonds will remain steady,we believe demand for lab-grown diamond jewelry will increase exponentially," JTVCEO Tim Matthews said. Image: A lab-grown diamond ring from the Grown with Love collection. (Richline/J.C. Penney)