The chief executive of jewellery maker Swarovski said the popularity of cheaper, lab‑grown diamonds meant that women now buy gems for themselves in a trend he described as “endearing and encouraging.” Lab‑grown options were “enabling self‑purchase for women,” compared with traditional mined diamonds, “where in most instances it was a man offering a ring to a woman,” said Alexis Nasard in an interview with the FT.

In the US more than 60% of stones in diamond engagement rings are lab‑grown, Nasard said. “I can very easily see that coming to 80% in the next two years. So the train left the station.” Synthetic gems have become more affordable as production has increased. “The price has consistently come down in a fashion similar to other manufactured products, whether it be LED lightbulbs or flat‑panel TVs,” said diamond market analyst Paul Zimnisky. Wholesale prices of lab‑grown diamonds had fallen to $100 per carat, whereas prices for natural stones were still in the thousands.

The 131‑year‑old company, competing with Pandora, Cartier and Tiffany & Colic, began with crystal jewellery and glassware but added lab‑grown diamonds in 2018 to tap luxury. It has never sold mined diamonds. The push to higher luxury was too far, Nasard said. Sales hit €1.9bn in 2025, a 6% rise but below its former €3.37bn peak.

In 2022, Nasard launched a new strategy positioning Swarovski as “pop luxury.” The company expects the strongest growth in its mid‑range products priced between €350 and €800.