The CEO of jewelry brand Swarovski has stated that the rising popularity of more affordable lab-grown diamonds is driving a new consumer trend of women purchasing jewelry for themselves, a shift he describes as "heartwarming and inspiring."

In an interview, Alexis Nasard explained that unlike traditional natural diamonds, which are mostly bought by men as rings for women, the spread of synthetic diamonds is enabling women to buy jewelry autonomously. "We often see women walk into our stores, pick a design they like, try it on, and think: 'I deserve this. I'm going to buy it for myself.' We find that scene beautiful and very encouraging," he said.

Man-made diamonds, primarily produced in Indian laboratories, are rapidly capturing market share in the gemstone sector, putting pressure on the natural diamond industry. Nasard noted that in the United States, lab-grown diamonds now account for over 60% of the diamonds used in engagement rings. "I have no doubt that within two years, this figure will rise to 80%. The trend is already set and irreversible," he added.

As production capacity continues to expand, the price of synthetic diamonds is becoming increasingly accessible. Diamond market analyst Paul Zimnisky commented, "The price of lab-grown diamonds has been steadily declining, following a pattern similar to mass-produced industrial goods like LED bulbs and flat-screen TVs." He added that the wholesale price of lab-grown diamonds has now dropped to around $100 per carat, while natural diamonds still trade in the thousands of dollars range.

Nasard stated that Swarovski's product pricing does not fluctuate with the diamond market; the lower cost of raw gem materials has actually improved the brand's profitability to some extent. "Our pricing strategy remains unchanged regardless of market conditions... When consumers choose Swarovski, they are buying a Swarovski brand diamond, not just a raw diamond," he said.

The 131-year-old company competes with both affordable luxury chain brands like Pandora and top-tier luxury jewelers such as Cartier and Tiffany & Co. Originally known for crystal jewelry and glassware, Swarovski entered the lab-grown diamond market in 2018 to boost its luxury positioning. The brand has never sourced or sold natural mined diamonds.

However, Nasard acknowledged that the company's push toward high-end luxury may have been excessive. The brand introduced increasingly complex and expensive jewelry, which ultimately slowed sales growth. The family-owned company reported revenue of €1.9 billion in 2025, a 6% increase year-on-year, but still far below its historical peak. A decade ago, the group's annual revenue reached €3.37 billion, and by 2020, it had halved.

"We all know that companies focused on the luxury segment can achieve higher valuation multiples, stronger pricing power, and more solid customer loyalty. The initial direction of shifting toward luxury was correct, but the implementation was overdone," Nasard said. In 2022, he launched a new brand strategy, repositioning Swarovski as an affordable luxury brand. The company expects its mid-range product line, priced between €350 and €800, to be the main driver of future growth.