In this recent article for Jeweller Magazine in Australia, I was asked to talk about how jeweller should respond to the question “Should I buy a lab-created diamond.” It all really comes down to one simple question.
Jewellers need to take the lab-grown diamond market potential seriously. I’m not saying everyone must dive in with both feet selling lab-grown diamonds – and there is a great range of opinions on the subject.
|Key points• The first question jewellers should ask a customer is, ‘What is important to you in purchasing a diamond?’• Retailers should tailor their sales approach based on the customer’s answer and their attitude to lab-grown diamonds• Lab-grown and natural diamonds appeal to different types of customers as they offer different benefits|
But as a jewellery store training specialist, I’ve had many conversations with jewellers on both sides of the issue, as well as many in the middle.
Typically customers fall into one of three categories regarding these diamonds: the customer didn’t know about lab-grown diamonds until the jeweller brought it to the customer’s attention, the customer was aware of them through advertising or social media, or the customer had done research and was adamant about buying lab-grown.
The first of these customers is typically delighted at the cost difference between natural and lab-grown diamonds, which allows them to purchase a larger diamond with the same budget.
It’s easy to understand the benefits, and when sticking to their budget is a high priority, they will likely opt for the lab-grown diamond.
The most important question for any jeweller to ask a customer is, ‘What’s important to you in purchasing a diamond?’
Their answer will reveal their true desire and the jeweller can then deliver a product and service to match the customer’s requirement.
If the customer is aware of the lab-grown product – but hasn’t done further research – they will have many questions for the jeweller.
This is good and an important conversation because it provides the jeweller with the opportunity to create trust, value and a relationship with the customer. How the jeweller handles this customer is key to sales success.