Retailers are struggling with greater competition, says Sam Mamane, president and chief executive officer (CEO) of Italgem Steel Group.
“I think the biggest challenge for our industry is larger American retailers demanding prime locations, which is driving independents out,” says Mamane, who exhibited at Expo Prestige. “We’ve lost three retailers the past eight months in one mall alone. Retailers are also dealing with higher expenses due to rent increases in upscale malls.”
Anita Agrawal of Jewels by Anita says it’s up to retailers to position fine jewellery as an investment.
“I think the jewellery industry is at a precipice where you have to give people a value proposition,” she explains. “We have to tell consumers what they are getting for their money. People under 40 are buying costume jewellery. You can get a pair of earrings for $15, but they don’t last forever. People will stand in line for the latest iPhone, but when you buy a genuine piece of jewellery, it will last forever. It’s about having larger companies with bigger budgets to develop value propositions to emphasize that.”
Tony Lin, international sales manager for Dong Long Ju, says his customers are calling for jewellery that stands the test of time, both in esthetics and materials. He says he’s seeing more demand for platinum, rather than 18-karat gold, when being set with higher-quality diamonds. Platinum’s whiter finish enhances a diamond’s brilliance, but its strength also works to secure the stones better in their settings.
At the other end of the spectrum, moissanite appears to be growing in popularity, says Mario Carr, owner of Jewelhouse Canada.
He says young couples who can’t afford a diamond right away are using the mineral as a placeholder in engagement rings. Survivor jewellery is another category where moissanite is being used.
“It’s an opportunity to have something that is durable and sparkles like a diamond in a piece of jewellery that celebrates surviving cancer,” he tells Jewellery Business from his booth at the CJG show.
Although at one time jewellers—and even gemmologists—had trouble telling the difference between moissanite and diamonds, issues of disclosure are now firmly set on lab-grown diamonds.
