Saying 'I Do' To Lab-Grown Diamonds
The global market for diamond jewelry is worth $80 billion dollars a year. Money is pouring into the industry, but why - when demand for diamonds isn't as sparkly as it once was?
There's a new player in the space that might change the market in the near future. It's a different kind of diamond – one grown in a lab. But man-made rocks come with some big marketing problems. Traditionally, luxury products are about scarcity – not accessibility. And, unlike other consumers, high end shoppers can be attracted to high prices.
So how do you find the pricing sweet spot for a luxury product that can be cooked up, on demand in a lab? Set the price too high and consumers may buy traditional bling instead. Too low, and you risk losing that luxury vibe. What's a diamond dealer to do?
Copyright 2020 NPR. To see more, visit https://www.npr.org.