UAE consumers love lab-grown diamonds, and that’s great for Siroya Jewelers
Dubai: As gold prices hold at $1,970 an ounce and above, jewelry retailers in the UAE are making a strong case to entice more buyers to think about diamonds. Recent promotions from major jewelry houses have focused on reducing the cost of making diamond jewelry, while there are also plans to elevate diamonds to the same status as the yellow metal in the “City of Gold”. “.
And more and more retailers are throwing lab-grown diamonds into the mix. Many of them took exploratory steps to gauge buyer interest in lab-made diamonds last year, and now those are being released as collections in their own right.
Siroya Jewelers is one of them, and is supporting it with the ‘Evermore’ brand which will initially be sold in six boutiques, here, in Bahrain and in the UK. These are priced from Dh2,000 to Dh100,000 and above.
“Our initial stock (of lab-grown diamonds) has run out – so we are already exceeding initial projections and industry benchmarks,” Rohan Siroya said. “This journey of ours with lab-grown diamonds began the day we came across the concept by accident.
“Months of research and discussion on brand positioning followed, not forgetting to test the market by placing products at select retailers to start the conversation late last year. “The price of mined (or natural) diamonds has skyrocketed due to shortages of rough diamonds and rising operating costs. Consumers will bear the brunt of higher prices in the near term.
One more niche
Currently, only a handful of jewelry retailers carry the synthetic diamond options. Everyone realizes that buyer interest and awareness still has a long way to go. Lab versions are offered as a slightly less expensive option, and it is believed that over time more buyers will be convinced of its merits. Especially when it comes to wearing them as everyday jewelry.
It was then that Siroya launched the Evermore brand, which he said was about giving consumers a “chance to wear bigger stones.” “Our designs took two years to develop and are inspired by this region,” he added. “All of our jewelry is made here under the watchful eyes of experts who have over 90 years of combined experience.
“With all due respect, we don’t think diamond jewelry should be discounted, especially if your brand promises superior design and quality. That’s not just cutting corners.