LGDTRADE reposted this
Now Lab Grown Diamonds Customers are asked to Sign a Letter! "Tim Bodis of Diamond Designs by Bodis in Rice Lake, WI, sells more than 90% natural diamonds. If customers opt for lab-grown, they are asked to sign a letter stating Diamond Designs will not take them back in trade, and the price may not hold over time." - As reported in the August 2024 issue of the Instore magazine. In full disclosure, I buy natural diamonds and I buy lab grown diamonds. But when I read something like this, I just feel sorry for the consumers and for the state of the diamond industry - natural and lab grown both. It feels like the stakeholders in the industry are trying too hard to not only kill lab grown diamonds but to kill the entire industry, as a whole. Do you think these campaigns against lab grown diamonds are going way overboard now? Please share your thoughts. Let's have constructive and open discourse. To stay updated about the next LGD news & our future reports from the world of #labgrowndiamonds, follow Lab Grown Diamonds Magazine and Sandhya Valecha. Special thanks to Karan Dharamsi. P.S. Copyright rests with instoremag.com. P.S. Image used for educational purposes only. Copyright rests with respective owners. #labgrowndiamonds #labgrowndiamond #diamonds #jewelry #diamond #jewellery
I’ve sold a few diamonds over the past five decades with the promise of offering 100% in a trade-up. I still honor that even though natural prices have softened considerably. But I also print on the receipt that we offer no trade-in for LDG. I believe there is opportunity to sell both. I don’t trash one over the other because every buyer has his own motivation. We simply inform the client and let them decide.
I want all retailers to have the consumers sign a letter stating that the resale value of a natural diamonds will drop by at least 50% of the price paid. Doesn't sound too cool when you turn it around, does it? Why are you in the jewelry business? Or any business with competition?
I would not write it this way. I would try to be less aggressive and have the client sign a statement saying " I understand I am buying a synthetic product that can be mass produced at unlimited numvers and it's price not reflecting the cost of material but rather other factors in the chain of procurement. " . Such a statement does not promise any future value or devalue and is inline with the truth about synthetic materials. Such a statement can be also used for other synthetics such as polyester, shampoo, etc.
Even if you buy a natural Diamond you don't get the same amount of money back when you sell them. It's ridiculous. But it shows on the other hand that the natural Diamond industry is struggling now. To be honest I don't see the point why to spend many thousands of dollars if you can get exactly the same gemstones for much less.
Besides, as a trade-up, where can you get guaranteed what you paid for a diamond? Just curious. This is just a tool of shame. Sign Here so you are aware you are buying fake - when over here I have something of value - it's like a bad car salesman - desprite commission breath - instead of understanding the customer's wants, needs, and desires. You have now alienated any return customers as well - good job 👏
It's time for the diamond industry to innovate and adapt, rather than resist change. Embracing the diversity of diamond offerings—natural and lab-grown—could lead to a more resilient and prosperous industry. It's crucial for the industry to recognize that lab-grown diamonds aren't just a passing trend—they are a legitimate option for many consumers. Trying to "kill" this segment of the market could lead to unintended consequences for the entire diamond industry.
The desire to kill lab grown seems so insatiable to some, that they are willing to sacrifice the entire industry to prove their points. When your argument about a section of the industry threatens the entire industry, your argument has become parasitic, blindly willing to kill the host upon which it feeds itself. This is blind pride at work. And we are watching respected industry leaders like Marin Rappaport beat this drum daily, when the consumer has already made their decision and settled the argument themselves. Let’s work to make the whole industry prosper rather than seek to destroy the parts of it we don’t like.
Like someone pointed out, LGD are a new consumer product. If you refuse to buy it back at any price, that's your call but to say it is 100% worthless is a statement without merit. Take a look at any Chatham colored gemstone for sale on Ebay. We have been around for 80+ years and do have a history and they do have a good resale value. Time and exposure will determine the future resale value of LGD.
I think that sometimes the natural industry focuses too much on the rarity and not the physical aesthetics of diamond. People wear diamonds because of their inherent beauty, hardness, sparkle, fire, etc. No one wears a diamond with a sign on it that says "I am natural".
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1moI feel it's fair enough, natural stones have been existing for years and lab grown is just few years old....so asking the same buy back for it doesn't seem fair...also the nature of LGD is different from natural as they can easily be replicated and mass produced....the selling point of natural itself is that it's rare which is why the buy back option.