"Even Department Store VIPs Don't Really Buy Diamonds"… Lab-Grown Diamond Sales Jump 3x

Department Store VIP Customer Private Class Sales

The number of department store VIP customers seeking 'Lab Grown Diamonds' cultivated in eco-friendly laboratories has significantly increased.

According to Lab Grown Diamond brand Allode on the 4th, sales from VIP customer private classes in the first half of this year have more than tripled compared to last year. Lab Grown Diamonds are diamonds grown in laboratories using environmentally friendly methods. They are 100% identical chemically, physically, and optically to natural diamonds grown in the same environment. They can be purchased at one-fifth the price of natural diamonds.

Allroad Hyundai Department Store Apgujeong Main Branch.

The VIP private classes are held regularly every month, inviting a small number of department store VIP customers to provide knowledge related to diamonds and to immediately respond to customer inquiries.

Typically, the daily sales of VIP classes at department stores in the Gangnam area of Seoul are around 20 million KRW. They account for a significant portion of monthly sales. In May, during a VIP event held at Lotte Department Store Avenuel Jamsil on a department store holiday, sales reached 45 million KRW, marking the highest single-event sales.

The proportion of VIP sales in Allode's total sales has also expanded. The share of VIP sales in Allode's overall sales increased sharply from 17.7% last year to 43.1% this year, thanks to the increased average spending per VIP customer.

Allode CEO Kang Seong-hyeok said, "VIP customers who have extensive experience purchasing premium products such as natural diamonds quickly decide to buy when they confirm the true value of the product in private classes where they can focus without distractions. Many brands have entered the lab grown diamond market focusing on cost-effectiveness, but now a paradigm shift centered on premium brands is expected."