Over the past few years, lab-grown diamonds have become a popular option for some jewelry retailers. These diamonds are created in as little as two weeks in sterile lab environments using intense heat. Lab-grown diamonds share many similarities, unlike natural ones that are unique based on the conditions in which they were formed. Also, they have a tendency to lose their value over time at a faster rate than natural diamonds. “One of our core values at Lee Michaels is to not take the short-term gain, but to look at the future and do the right things for the long term,” said Scott Berg, President of Lee Michaels. “At this point, we don’t feel comfortable standing behind a market where we don’t know where the bottom is. We know from experience that natural diamonds evoke emotions with people. It creates a positive feeling to know that you are getting something meaningful because it was produced in nature.”
In his December 2022 “State of the Diamond Market” report, Paul Ziminsky noted the differences between natural and manmade diamonds. Ziminsky is the world’s most prominent diamond price researcher, and his work is used by the largest financial institutions, including Goldman Sachs. The report found that the price of a three-carat manmade diamond has dropped in almost half since 2020. Also, Ziminsky noted a one to one-and-a-half carat manmade diamond has dropped in price by 48% from 2019 to 2022. The same sized manmade diamond has dropped almost 75% in cost since 2016.
“We feel that it is in our best interest and our customers’ best interest to sell only natural diamonds at this time,” Berg said. “We want to make sure we are representing something that we can stand behind with our customers.” By selling natural diamonds, Lee Michaels is also doing its part to help communities in countries that have diamond mining operations. Berg said these operations and their strong relationships with jewelry manufacturers have led to job creation, better infrastructure, schools, hospitals and other improvements that have enhanced the quality of life for thousands of people.
“These operations are often in remote areas and produce jobs for people who otherwise would not have these opportunities,” Berg said. “It’s amazing to see the good that happens because many of these dollars go back into helping the communities. In addition, the majority of those involved in the natural diamond industry are taking steps to be responsible stewards of the environment. We know the earth has given us so much, so we need to make sure we care for it for years to come.” Berg added that there will continue to be a market for manmade diamonds in the jewelry industry. But, it’s not an area Lee Michaels will involve itself in until they are confident that it is best for the consumer.
“At Lee Michaels, we don’t want to get involved in this unless we feel we can stand behind it and sell these in the correct way,” Berg said. “We are not in the business of making a quick profit because a diamond is manmade. If we do sell them, it will be after a lot of discussion as a family and with complete transparency with our customers.”
Visit us in any Lee Michaels Fine Jewelry location to browse a robust assortment of diamond earrings, diamond necklaces, diamond bracelets, David Yurman diamond jewelry and many more. Shop more jewelry trends at any Lee Michaels Fine Jewelry store near you. In Baton Rouge, Louisiana, a Lee Michaels Fine Jewelry store is located inside the Mall of Louisiana and there is also a Lee Michaels Fine Jewelry store located at the corner of Corporate Boulevard and Jefferson Highway near mid-city. In Lafayette, Louisiana, a Lee Michaels Fine Jewelry store is located on Ambassador Caffery. In Shreveport, Louisiana, a Lee Michaels Fine Jewelry store is located on Youree Drive at East 70th. Just outside of New Orleans, Louisiana, in Metairie, a Lee Michaels Fine Jewelry store is located on Causeway Boulevard at Lakeside Shopping Center. In San Antonio, Texas there are two Lee Michaels Fine Jewelry stores. Find one at The Shops at La Cantera and another located inside the North Star Mall on San Pedro Avenue. In Jackson, Mississippi, visit a Lee Michaels Fine Jewelry store located at the Renaissance at Colony Park on Highland Colony Parkway. Visit the newest Lee Michaels Fine Jewelry store, located in ABQ Uptown of Albuquerque, New Mexico.
