Swarovski dives into synthetic diamond market

3.7 k views | Posted May 17, 2016 | By Stephanie Chan • Staff Journalist

Following its initial foray into ‘fine jewellery’, Swarovski has launched another jewellery venture with a seemingly high-end focus – this time, featuring synthetic diamonds.

According to a statement released by Swarovski, the new business, Diama, specialises in jewellery comprising white synthetic diamonds – called Swarovski Created Diamonds – set in 18-carat white, rose and yellow gold.

The collection has a range of different products, including rings, necklaces, bracelets and earrings, with the individual synthetic diamonds all weighing less than one carat.

David Cohen, Swarovski executive board member

While Swarovski has traditionally been associated with diamond simulants such as cubic zirconia, this is not the first time it has dabbled in diamond jewellery. The company previously released ‘fine jewellery’ collections incorporating natural diamonds in Asia and the US (although an online search conducted by Jeweller appears to show the latter may have since been discontinued).

Diama is, however, Swarovski’s first entry into the synthetic diamond market.

News of the business’ launch was first reported by Chaim Even-Zohar, editor of trade publication Diamond Intelligence Briefs (DIB), on 11 May, and it was said the venture was undergoing a test phase in North America.

The Swarovski statement confirmed the business “was established and exclusively launched in the USA in selected independent fine jewelry retail stores in 2016”.

Three retail stockists across four physical store locations – all of which are in the US – are currently listed on the Diama website, as well as one retailer that appears to be selling the collection solely online.

The DIB report also claimed Swarovski had conducted “protracted negotiations” with De Beers Group’s industrial synthetic diamond manufacturing business, Element Six, which ultimately fell through.

In an interview with trade publication JCK, Swarovski executive board member Daniel Cohen declined to confirm or deny the rumour, confirming only that Swarovski was not currently manufacturing its own supply.

Cohen explained to JCK that expanding into synthetic diamonds was in line with Swarovski’s growth strategy of “looking for new materials [to use]”. He added that Swarovski had a “demonstrated competency in things that sparkle”, describing the synthetic diamond jewellery as a “ripe” business growth opportunity.

Diama is operated by Swarovski Gemstones Business, which is part of Swarovski Group.