A person wearing earrings from Kendra Scott’s Lab Grown Diamond Jewelry Collection. The brand launched the collection on March 25. Courtesy of Kendra Scott
Suzette Parmley
Source: www.retaildive.com, March 2024
The jewelry company said it was a “natural category addition” that allows it to offer high-end jewelry at more affordable prices.
Accessories retailer Kendra Scott is expanding its fine jewelry offering with the launch on Monday of its first stand-alone Lab Grown Diamond Collection.
The collection offers customers luxe jewelry at lower price points, said its namesake founder.
“We’re excited to introduce our Lab Grown Collection, a natural category addition as we continue to progress as a lifestyle brand and offer our customers another dynamic reason to shop with us,” founder and Chief Creative Officer Kendra Scott said in a press release formally announcing the launch. “We pride ourselves on putting the customer first and we heard over the years that our customers wanted to shop with us for fine jewelry because they loved the company, they loved that we give back, and they wanted their jewelry collections to grow alongside our product assortment.”
Scott said the collection’s diamonds are created in a laboratory setting, giving the brand control over the stone’s clarity, cut and production process, which allows cost savings for customers.
Kendra Scott CEO Tom Nolan told Retail Dive that the brand was following consumer trends, not competitors, in creating the new collection.
Kendra Scott also sells necklaces, earrings, rings and bracelets, as well as a limited assortment of candles, fragrances and other accessories.
“The Company went into Lab Grown Diamonds because it saw from its customers a whitespace in the category,” Nolan said in an email.
“While many have joined the jewelry market with lab grown diamonds, we are a jewelry company with an in-house design studio,” Nolan said. “We can ensure the design of the pieces we create are built on the tenured history of craftsmanship, expertise, and insight that goes into a fine jewelry piece.”
Kendra Scott has dabbled in diamonds before. Two years ago the brand introduced an engagement ring collection. The 11-piece collection featured custom-made rings with lab grown diamonds ranging from 0.5 to 2 carats that launched in a dozen U.S. stores.
The inaugural Lab Grown Diamond Jewelry Collection is its own category and features 19 styles across three suites. The pieces come in Classic Icons (Audrey + Marilyn), Floating Diamonds and Toi et Moi styles and range in price from $500 to $2,950. They are available online and at 50 select Kendra Scott stores.
Nolan said the new collection reflects fine jewelry’s evolution from mostly formal events to an everyday accessory.
“Fine jewelry is as much a staple for your everyday as it is for life milestones and we wanted to offer our customer who may be more accustomed to shopping with us at a lower price point an opportunity to expand their Kendra Scott collection into more high-end styles without a high-end spend,” Nolan said.
The company said the move to add lab grown diamonds follows the Austin, Texas-based retailer’s record-growth year as it focuses on lifestyle expansion.
Kendra Scott sells through a network of 130-plus namesake experiential stores and pop-up locations, as well as through a range of wholesale partners, including Neiman Marcus, Nordstrom, Bloomingdale’s, Dillard’s and over 850 specialty boutiques.
