Australian Jeweler to Increase Lab Grown Revenue
July 13, 23
(IDEX Online) - Australian jeweler Michael Hill is expanding its range of lab growns, and expects them to account for 10 per cent of its revenue, up from six per cent currently.
The company is now selling lab grown earrings, necklaces, and tennis bracelets at its 281 outlets across Australia, New Zealand and Canada.
"We haven't made a big noise about lab-created diamonds until now because we have been increasing our capabilities and understanding," CEO Daniel Bracken told the Sydney Morning Herald.
"When the bulk of your business is mined diamonds you need to be careful with the introduction of a new source. It needs to be managed appropriately."
Michael Hill, founded in 1979 in Whangarei, New Zealand, and now based in Brisbane, became the first major Australian company to sign up for sustainable diamond certification with environmental auditor SCS Global in 2021.
Pic courtesy Michael Hill