Signet Enters Lab-Grown Market

RAPAPORT... James Allen has launched sales of lab-grown diamonds,marking parent company Signet Jewelers' entry into the synthetics market. The e-commerce business, which Signet acquired in 2017,now gives consumers the option of "earth-created" or "lab-created" stones onits retail page. James Allen is offering lab-grown as center stonesfor engagement rings, promising "up to 30% more size for the same cost." Atpress time, the prices of lab-grown on the site ranged from $450 for a radiant,0.52-carat stone to $48,350 for an emerald-cut, 4.49-carat diamond. All its lab-grown diamonds will carry grading reportsfrom laboratories such as the International Gemological Institute (IGI) or the GemCertification & Assurance Lab (GCAL). The colors available on the JamesAllen site range from D to J, while clarities span from internally flawless toSI2. Analysts were expecting Signet to move into the lab-grownmarket, after Gina Drosos, its CEO, said last year it was assessing demand, andwould position itself to offer the category if consumers wanted it. It hastaken a different approach from De Beers, which launched its Lightbox fashion-jewelryline a year ago with a standard price of $800 per carat and no grading reports. Mined diamonds are still "the traditional choice," JamesAllen notes in the questions-and-answers section of its site. But it emphasizesthat its lab-grown stones are chemically identical and look the same as naturals, andthat they are graded to the same standards. Signet views James Allen as an incubator for testing outideas, Drosos observed in an investor call in December. Late last year, it launcheda concept store for the brand in Washington, DC, featuring new retailtechnology. Image: A screenshot from the James Allen retail site. (James Allen)