JCPenney's 50% Increase in Lab Grown Sales
January 07, 24
(IDEX Online) - The US department store JCPenney says it saw a 50 per cent increase in lab grown diamond jewelry last year.
It was one of the first mass retailers to embrace lab growns, with the launch in 2018 of its bridal Grown with Love collection aimed at "ethically-minded shoppers".
Pam Mortensen, head of fine jewelry, said bridal was driving the increase in its lab grown sales.
"You've heard of the four Cs in diamonds — cut, clarity, carat weight and color," she told WWD.
"So, at JCPenney, we've added that fifth 'C,' which is choice. We feel that by offering the lab-grown diamonds as an alternative to mined diamonds, we can offer our customer a higher quality diamond at a lower retail price."
Grown with Love is a collection of bridal jewelry including solitaire and halo engagement rings, wedding bands and bridal sets priced from $500 to $10,000.
JCPenney sold $334m of jewelry in 2022, according to National Jeweler, ranking it as the 21st biggest jewelry retailer in North America.
Pic of a lab grown diamond ring, courtesy JCPenney