It’s been a productive year for the Brisbane-based retailer with operations in New Zealand and Canada, acquiring retail rival Bevilles and launching a new gold recycling program.
Michael Hill has now expanded its lab-created diamond jewellery offering, adding earrings, necklaces, and tennis bracelets.
CEO Daniel Bracken told the Sydney Morning Herald: “We haven’t made a big noise about lab-created diamonds until now because we have been increasing our capabilities and understanding.”
“When the bulk of your business is mined diamonds you need to be careful with the introduction of a new source. It needs to be managed appropriately.”
Michael Hill operates 148 stores in Australia, along with 47 in New Zealand and 86 in Canada. The company plans to open 80 new Bevilles locations by 2028.
“Diamond giant De Beers convinced the world that mined diamonds were a symbol of timelessness and permanence, but now there’s an increasing number of customers looking for choice,” Bracken added.
“They’re interested in sourcing and scale. It’s pretty much about more bang for your buck.”
Lab-created diamonds are six per cent of Michael Hill’s diamond sales, and Bracken said he was confident the figure will reach 10 per cent with the extensive new collection.
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