Exclusive | Swarovski moves up from crystals to lab-grown diamonds as CEO Alexis Nasard plays ‘the long game’ to get over China’s consumption slowdown
- ‘We are happy to sit through all the turbulence that might be happening in the market, because we are playing the long game in China,’ Nasard tells the Post
- Brand’s ‘Created Diamonds Collection’ available at 34 stores in mainland China and three in Hong Kong
Austrian crystal maker Swarovski has launched a lab-grown diamonds collection in China, in a sign that it has confidence in its second-largest market by sales despite some economic turbulence.
“China is a very important market for us – for business, economic and cultural reasons,” Swarovski CEO Alexis Nasard said in an interview. “We are deeply committed to the region.”
The company launched its “Created Diamonds Collection” with an event at its flagship store in Shanghai last week. The collection will be available at 34 stores in mainland China and three in Hong Kong.
Nasard said that the collection is a win-win, as customers are getting a product that comes with better value for money compared with mined diamonds, and these stones are made with renewable energy and recycled metals. “We don’t believe that luxury is just about high prices,” he added.
The collection’s regular range has been priced from 3,000 yuan (US$414) to 95,000 yuan for 0.2 to 7 carat diamonds. The prices for a made-to-order high complication collection range from 135,000 yuan to 1.8 million yuan, the company said.
“We have a very broad price palette, as we are in a position to offer the appropriate value for money for every type of customer that our brand appeals to,” Nasard said.