Image: (APA/THOMAS BOEHM)
After the first “Created Diamonds” collections were successful in the USA and Canada, the “global expansion” will now start in the fall, the crystal group’s management explained to the APA. In focus: key markets such as China, Italy, Korea, Japan, Great Britain, France or Australia.
But the company, headquartered 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 terms of “fine jewelry” in the crystalline quiver: “Galaxy”, the first jewelry collection designed by “Global Creative Director” Giovanna Engelbert for the Tyrolean group.
This will be presented in autumn at a location that could not be more prominent: on 5th Avenue in New York City, in the course of the opening of the new Swarovski flagship store there. Galaxy will be available in stores across the US and Canada on September 18th. It is obviously a market that has it all: The global market value of “Created Diamonds” is over five billion euros.
“Significant role in the diamond category”
“Laboratory grown diamonds will continue to play a significant role in the diamond category and represent a strategic growth segment for Swarovski,” CEO Alexis Nasard said. The “Created Diamonds” are 100 percent identical to mined diamonds – the only difference is in their origin. They are made using a process that mimics nature, officials said. The result is a laboratory-grown diamond that is indistinguishable from a mined diamond in all chemical, physical and optical properties and is considered more environmentally friendly.
In addition, Swarovski presented another news: the partnership with the International Gemological Institute (IGI), which will certify all laboratory-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 had faced severe turbulence in recent years. This affected both the group management and the economic situation due to the corona crisis. Ex-CEO Robert Buchbauer initiated a restructuring of the group – including large-scale layoffs in Wattens – with which part of the family clan did not agree. Legal disputes were the result. Last year, Nasard was the first person from outside the family to take over the management of the company.
Recently, however, there was positive news: In the 2022 financial year, Swarovski recorded growth of ten percent compared to the previous year and had sales of 1.83 billion euros.
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