Austrian jewelry giant Swarovski has officially entered the lab-grown diamond market, receiving a warm reception in China. Since launching its Swarovski Created Diamond collection in April 2024, the brand has seen rapid growth in sales and consumer acceptance.
Lab-Grown Diamonds on the Rise
Yvonne Chan, president of Swarovski Crystal Business Greater China, highlighted the growing popularity of lab-grown diamonds among Chinese consumers. In some stores, lab-grown diamond jewelry now accounts for one-fourth of jewelry sales.
"Lab-grown diamonds are the diamonds of the future," Chan stated, emphasizing the brand’s confidence in this strategic category. She also noted a shift in diamond consumption patterns, with more women purchasing diamonds for daily wear and self-reward rather than solely for bridal occasions.
China’s Booming Market
According to Bain & Company, China’s lab-grown diamond sales are projected to reach 4 million carats by 2025, with a penetration rate of 13.8%. This growth aligns with global trends, as China, India, and the U.S. dominate the supply chain. China leads in production, accounting for over 70% of global output, while India processes most of the world’s diamonds, and the U.S. remains the largest consumer.
Eco-Friendly Appeal
Lab-grown diamonds are gaining traction due to their sustainable and eco-friendly appeal. Sun Zhaoda, secretary-general of China’s superhard materials branch, highlighted the industry's potential as consumer acceptance continues to grow.
Swarovski’s entry into the market is a significant milestone in its global expansion of fine jewelry collections, reinforcing its long-standing ties with China.