Women buy their own diamonds now, says Swarovski boss

{"text":[[{"start":8.4,"text":"The chief executive of jewellery maker Swarovski said the popularity of cheaper, lab-grown diamonds meant that women now buy gems for themselves in a trend he described as “endearing and encouraging”."}],[{"start":20.86,"text":"Lab-grown options were “enabling self-purchase for women”, compared with traditional mined diamonds, “where in most instances it was a man offering a ring to a woman”, said Alexis Nasard in an interview with the FT."}],[{"start":34.12,"text":"“Today, a woman comes into our store. She sees it. She’s beautiful. She tries it and says, ‘You know what? Let me get it [for] myself. I’ve earned this,’ and we find that very endearing and encouraging.”"}],[{"start":46.36,"text":"Synthetic diamonds, primarily produced in laboratories in China and India, are rapidly gaining share in the precious stones market, threatening the viability of the natural diamond industry."}],[{"start":null,"text":"

"}],[{"start":57.12,"text":"In the US more than 60 per cent of stones in diamond engagement rings are lab-grown, Nasard said. “I can very easily see that coming to 80 per cent in the next two years. So the train left the station.”"}],[{"start":69.78,"text":"Synthetic gems have become more affordable as production has increased. “The price has consistently come down in a fashion similar to other manufactured products, whether it be LED lightbulbs or flat-panel TVs,” said diamond market analyst Paul Zimnisky."}],[{"start":85.2,"text":"Wholesale prices of lab-grown diamonds had fallen to $100 per carat, whereas prices for natural stones were still in the thousands, he added."}],[{"start":93.96,"text":"Nasard said the market price did not affect how it priced its products and that lower prices for gems “to an extent” improved its profitability."}],[{"start":null,"text":""}],[{"start":102.24,"text":"“Our pricing strategy is what it is, regardless of what the market does . . . When they buy Swarovski, they’re buying a Swarovski diamond. They’re not buying a raw material.”"}],[{"start":111,"text":"The 131-year-old company, which competes with high street brands such as Pandora as well as names like Cartier and Tiffany & Co, used to specialise exclusively in crystal jewellery and glassware but expanded into lab-grown diamonds in 2018 as part of a push into the luxury market. The company has never sourced or sold mined diamonds."}],[{"start":131.96,"text":"But the “luxurisation” of the brand went too far, Nasard said. The company started producing increasingly elaborate and pricey jewellery, and sales growth slowed."}],[{"start":141.84,"text":"The family-owned company made €1.9bn in sales in 2025, a 6 per cent uplift compared with the year before but still well below its peak. A decade ago, the group was earning €3.37bn a year but by 2020 its revenues had halved."}],[{"start":158.72,"text":"“We all know that companies who play in the luxury sectors command better multiples, have stronger pricing power, more enduring customer loyalty, and that [strategy] was correct,” Nasard said. “The execution, however, went a little bit too far.”"}],[{"start":172.84,"text":"In 2022, Nasard launched a new strategy positioning Swarovski as “pop luxury”. The company expects the strongest growth in its mid-range products priced between €350 and €800."}],[{"start":187.96,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1786600863_7797.mp3"}