The Tyrolean crystal group Swarovski is now targeting the global market when it comes to “Created Diamonds”, ie lab-grown diamonds.
After the first “Created Diamonds” collections were successful in the US and Canada, the management of the crystal group explained that the “global expansion” will now begin in the fall. In focus: key markets such as China, Italy, Korea, Japan, Great Britain, France or Australia.
The “Galaxy” collection should bring sparkling success
But the company, which has its headquarters in Wattens, also wants to be successful in flagship stores in countries such as Germany, Austria and the United Arab Emirates when it comes to ‘Created Diamonds’.
And you already have the corresponding collection in the field of “fine jewelry” in the crystalline quiver: “Galaxy”, the first jewelry collection designed by “Global Creative Director” Giovanna Engelbert for the Tyrolean group.
It will be presented this fall in a location that couldn’t be more striking: on 5th Avenue in New York City, during the opening of Swarovski’s new flagship store there. Galaxy will be available in stores in the US and Canada from September 18. It is clearly a market that has it all: the global market value of ‘Created Diamonds’ exceeds five billion euros.
100 percent identical to mined diamonds
“Lab-grown diamonds will continue to play an important role in the diamond category and represent a strategic growth segment for Swarovski,” said CEO Alexis Nasard.
The “Created Diamonds” are 100 percent identical to mined diamonds – the only difference is their origin. They are made using a process that mimics nature, officials said. The result is a lab-grown diamond that is indistinguishable from a mined diamond in terms of chemical, physical and optical properties and is considered to be more environmentally friendly.
In addition, Swarovski presented another novelty: the collaboration with the International Gemological Institute (IGI), which will certify all lab-grown diamonds in the ‘Galaxy’ collection. It is an independent institute that is the world leader in diamond valuation and can look back on almost 50 years of experience in diamond valuation.
Strong turbulence
The crystal group has experienced severe turbulence in recent years. This had consequences for both group management and the economic situation as a result of the Corona crisis. Ex-CEO Robert Buchbauer initiated a restructuring of the group – including large-scale layoffs in Wattens – that part of the family clan did not agree with. Legal disputes resulted. Last year, Nasard became the first person outside the family to take over the running of the company.
Recently, however, positive news awaited: In fiscal year 2022, Swarovski recorded a growth of ten percent compared to the previous year and had a turnover of 1.83 billion euros.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
