Swarovski To Take Leap into Diamond Jewelry

06/06/2019 14:22

Swarovski, famous for its glass and zirconia crystals and recognized as one of the world's leading jewelry and accessory brands, has announced its plans to enter into the diamond jewelry category. Avi Krawitz of Rapaport News gathered the scoop from Nadja Swarovski, head of corporate communications and design services, who made the announcement during a panel discussion at JCK Las Vegas last week.

“We believe in the natural diamond story and we want to tell the story of a product that makes a positive contribution,” Swarovski reportedly said during a GIA panel discussion, adding that the jeweler may enter the category within a year. This would be a remarkable turn of events for the jeweler, which started offering a line of synthetic diamonds in 2016 under the name "Swarovski Created Diamonds," even though Swarovski has a division that sells mined gemstones to other jewelers. Ms. Swarovski told the New York Times that the company, which had 3.37 billion euros ($3.93 billion) in revenue in 2016, turned to man-made stones because they "embody the innovation rooted in our brand" and considered them as being more sustainable than diamonds. 

Swarovski then succeeded in giving its synthetics the red-carpet treatment, worn at the 2017 Oscars by Emma Roberts and Priyanka Bose, the 2018 Oscars by Laura Dern, at Cannes by Penelope Cruz and adorned Constance Wu at the 2019 Oscars. Swarovski's crystal division (it is also has a division of optical products and industrial products) currently has about €2.7 billion ($3 billion) in revenue, is sold in 3,000 stores worldwide - including 1,500 Swarovski stores - and employs 29,000 people.