Walmart is setting its sights on the lab-grown diamond category.
The retail giant is moving deeper into the category this holiday season, expanding its core collection launched last year to more than 80 styles in its stores, including weddings, rings, bracelets, necklaces, earrings and more.
The change in Walmart’s jewelry strategy is being driven by consumer demand, said Michelle Gill, vice president of jewelry and accessories, who said sales of lab-grown diamond styles were up 600 percent year-over-year.
“We see that consumers are looking for more value,” she said. “At Walmart, we are used to saving money for our customers, and this is a great way to introduce much higher quality diamonds at a much lower retail price compared to mined diamonds.” [diamonds]. We’re seeing a decline in mined diamonds across the industry, so we’re responding to both industry trends and trends we’re seeing in our customer base. ”
Walmart’s expanded Lab Grown Diamond collection stays true to the retailer’s mission of offering quality products at affordable prices, with styles ranging from $78 to $698. With the expansion of the collection, lab-grown diamond styles will account for 30% of Walmart’s diamond fashion jewelry and bridal jewelry. Gill said bridal styles are an important part of the retailer’s jewelry business. Walmart also sells jewelry made with cubic zirconia and Swarovski crystals.
Gill highlighted a 1.5-carat solitaire lab-grown diamond ring set in 10-carat gold (retail price $698) as a key style. This style is the largest lab-grown diamond the retailer has ever offered. Gill said the price at Walmart for the same style made with natural diamonds is comparable to about $5,800.
“This is really exciting for our customers who previously had to give up quality, clarity and carat size to get authentic mined diamonds,” she said. “Now you can get genuine lab-grown diamonds from 1 carat to 1.5 carats.”
Gill said Walmart’s aim is to not only attract new customers by expanding its lab-made product lineup, but also to introduce existing customers to Walmart’s fashion products. The collection is sold in his more than 2,800 stores across the country, and the retailer also aims to target customers in rural areas where there aren’t many retail options for jewelry. Walmart will also offer more lab-grown diamond styles on its website.
“When we talk about our overall strategy, we want to protect our core customers and protect our starting prices, but also to be new to Walmart’s fashion and not just our national brands, but also our high-end private brands. We’re also attracting customers who are open to it,” Gill said. “Most of these customers are already visiting and shopping at Walmart, and getting them involved in the fashion part of the business is an important part of our strategy to include fine jewelry. ”
Gill said Walmart will continue to respond to customer requests and consider how best to expand its lab-grown diamond selection, and specifically consider which stores to increase its fashion jewelry selection.