Editor’s Note
Swarovski is expanding its global fine jewellery division with a strategic focus on lab-grown diamonds. CEO Alexis Nasard highlights this category as a key growth segment for the heritage brand’s future.
“Created Diamonds” is the name of the lab-grown diamond collection from the Austrian heritage company Swarovski, which is currently on a successful trajectory.
Initial major successes have already been achieved in the USA and Canada. Now, the company aims to shine and sparkle within European markets as well as in Asia and Australia. In addition to Germany, Austria, and France, the so-called “Fine Jewellery collections” are soon to be launched in Italy, the UK, China, Korea, Japan, Australia, and the United Arab Emirates.
With the Fine Jewellery division and lab-grown diamonds, the company is adapting to the natural market development and pursuing a global expansion. “Galaxy,” the first jewellery collection designed by Global Creative Director Giovanna Engelbert, is currently in preparation and is set to be presented in the fall at the opening of the new Swarovski flagship store on 5th Avenue in New York.
There is also news from the crystal house regarding new partnerships. Swarovski announced a collaboration with the International Gemological Institute (IGI). This institute will certify the Created Diamonds of the Galaxy collection and underscore their prestige value. After all, the independent institute has over 50 years of experience in diamond evaluation. Every lab-grown diamond in the Created Diamond collection will be tested and certified for its quality. The evaluation includes factors such as cut, color, clarity, and carat weight.
Is there a difference between lab-grown diamonds and natural diamonds? Yes and no. According to Swarovski, the difference lies solely in the production method. Otherwise, the lab-created diamonds are “100% identical to mined diamonds.” They cannot be distinguished from a mined diamond based on chemical, physical, or optical properties. Furthermore, the Created Diamonds are also attributed a certain degree of environmental friendliness.
In the USA and Canada, the new Swarovski Galaxy collection will be available in stores from September 18. Further markets are, as mentioned initially, in the planning stages.
However, the Austrian crystal corporation has faced significant turbulence in recent years, both from an economic perspective and concerning corporate management. The COVID-19 pandemic added to the company’s challenges. The severe disagreements within the Swarovski family were like pouring oil on the fire. Former CEO Robert Buchbauer initiated a restructuring of the group, which led to numerous layoffs in Wattens. This met with resentment from part of the family clan. Legal disputes were the consequence.
In 2022, for the first time, a non-family member, Alexis Nasard, took over the company’s leadership. Since then, Swarovski has been moving back towards profitability. In the 2022 fiscal year, Swarovski recorded growth of 10% compared to the previous year, reaching a turnover of 1.83 billion euros. A positive balance is also expected this year.