The decision follows the company’s recent single-store trial of lab-grown diamonds, which began at a Queensland location three months ago.
The company is advertising its synthetic diamonds as ‘an authentic alternative’ to natural diamonds and claims they provide customers with a larger carat and better clarity ‘within their budget’.
The new collection of eight solitaire rings is set in 14-carat white gold; prices range from $5,999 for a 1-carat synthetic diamond ring to $15,999 for a 2-carat.
In comparison, the Prelude Solitaire Engagement Ring currently stocked on the Michael Hill Australia website, featuring a 2-carat natural diamond in 14-carat white gold, retails for $17,499.
The company’s synthetic diamonds are supplied with certificates from ‘a world-recognised grading laboratory’, and are inscribed with an identification number.
Michael Hill International uses the term ‘lab-created’ to describe the stones, which are manufactured by Fenix Diamonds, a company with offices in New York, Belgium, Dubai, Mumbai, Shanghai and Hong Kong.
On its website, Fenix promises ‘pipeline integrity’ from its diamond growing and cutting factories. It uses both the chemical vapour deposition (CVD) and high-pressure, high-temperature (HPHT) methods to manufacture synthetic diamonds.
Daniel Bracken, CEO Michael Hill International, said, “We’re looking forward to continue offering our customers a selection of choices within their price range with an assurance on quality. Whether it’s mined or created, Michael Hill offers Australians crafted fine jewellery that they’ll treasure.”
The company has stressed that natural diamonds will remain a key part of the retailer’s product line and that customers will be clearly informed as to which type of diamond they are purchasing.
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