President of ALTR Created Diamonds Amish Shah is now releasing his most recent comments regarding the latest diamond industry sales as well as how the lab-grown portion is doing amid the pandemic. As of the latest Edahn Golan report on June 25th, there is some volatility shown in the lab-grown market.
According to Shah, "In times like these, relationships become more important than ever. Despite financial difficulties for many families, marking important moments, milestones, and occasions that
"People will always aspire to luxury items," continued Shah. "Although sales will drop overall while the consumer finds their footing, the luxury category – including diamonds – will retain its attraction."
This was backed up by the Golan report. It had shown that there has been a 41% drop in sales of loose lab-grown diamonds.
"The luxury category is unique in retail. There will always be the niche buyers that can afford the most expensive products on the market, no matter the state of the economy; however, for the broadest segment of consumers who are subject to financial downturns, it is the dream of attainability that is the appeal of luxury goods," said Shah. "Times are tough at the moment, but people are realizing now more than ever that - just like diamonds - life is precious, and celebrating invaluable relationships is a joy that cannot be replaced. Therefore, as we move forward and the economy rebounds, the lab-grown diamond industry's collective goal must be to ignite the desire for diamonds and fan the flames of aspiration in our new normal."
About ALTR Created Diamonds
ALTR Created Diamonds is the world's leading lab-grown diamond company, offering unparalleled quality, innovative technology, and brilliant created diamonds and created diamond jewelry. Owned by R.A. Riam Group with its 85 years of experience in the diamond and fine jewelery industry, ALTR combines a legacy of expertise with cutting-edge, proprietary technology to
Information originally sourced from Stockhouse.com.