JCK Las Vegas 2024 Highlights: De Beers lost 50% of their Bridal share to Lab Grown Diamonds! Tom Chatham & Sandhya Valecha

“De Beers Lost over $50 Billion! Lost 50% of their Bridal market share to Lab Grown Diamonds,” said tom (thomas) chatham, Chairman of the Board, Chatham Created Gems & Diamonds, Inc.

In this JCK special episode of the Lab Grown Diamonds Magazine podcast, our editor-in-chief, Sandhya Valecha interviewed Tom Chatham. Fresh from his attendance at JCK Las Vegas 2024, Tom shared his insights on the state of the diamond industry, recent trends, and what the future might hold.

Did you miss attending the JCK Show this year? Worry not. Here are the JCK 2024 highlights Tom shared during this podcast:

1. De Beers’ Market Shift: 50% Decline in Bridal Market (Lost $50 Billion)
– De Beers lost 50% of their bridal market share, translating to a $50 billion loss in the US.

2. Challenges in the Chinese Market
– De Beers faces difficulties in China, partly due to the one-child policy affecting customer demographics.

3. De Beers’ Strategic Exit from Lightbox
– De Beers plans to phase out Lightbox by the end of the year to focus on high-tech applications.

4. JCK Show Dynamics: Retailer Interest in Lab Grown Diamonds
– Retailers requested dedicated store space exclusively for lab grown gems, reflecting evolving consumer demand.

5. Leadership Concerns in Grown Diamond Trade Organization (GDTO)

6. Misconceptions About Lab Grown Diamond Production Costs
– Countering Signet’s CEO Gina, Tom Chatham noted significant investments needed for quality lab grown diamonds, far beyond $5,000.

7. Market Correction and Growth
– Tom observed a positive market shift & growth in lab grown diamond sales.

8. Economic Impact of Lab Grown Diamonds

9. Reflecting on Botswana

10. Consumer Trends: Size Matters
– Consumers prefer larger, more affordable lab grown diamonds over smaller, expensive natural diamonds.

11. Collaboration Over Competition
– Chatham advocated for mutual respect and minimizing negative campaigns between natural and lab grown diamond sectors.

A big thank you to Tom Chatham for making time to share his insights from JCK2024 with the members of the Lab Grown Diamonds community!

Stay tuned and follow Lab Grown Diamonds Magazine and Sandhya Valecha for more updates from the world of Lab Grown Diamonds.