The changing romance of diamonds and jewellery

 

Swarovski’s chief executive has told the Financial Times that falling prices for laboratory-grown diamonds are enabling more women to buy diamond jewellery for themselves, rather than waiting for it to be given as a romantic gift.

The comments highlight a wider shift in the way consumers relate to diamonds and fine jewellery. Traditionally associated with engagements, anniversaries and other relationship milestones, diamond jewellery is increasingly being positioned as a form of personal expression, self-reward and financial independence. The romance of the diamond is not disappearing; it is becoming more personal and less dependent on a partner or a formal occasion.

Laboratory-grown diamonds have accelerated this change. As production costs and retail prices have fallen, diamond-set jewellery has become accessible to a broader customer base. Consumers who may previously have considered diamond jewellery unattainable can now enter the category at a lower price point, while those purchasing for themselves can choose pieces based on personal style rather than the expectations attached to a traditional gift.

For Swarovski, which operates across crystal, fashion jewellery and fine jewellery, laboratory-grown diamonds provide an opportunity to move further into the premium sector without the price barriers associated with natural stones. The company can present diamonds as contemporary, wearable and attainable appealing to customers who may be buying a meaningful piece to mark a personal achievement, career milestone or simply a moment of self-indulgence.

This shift towards self-purchase is one of the most closely watched developments in jewellery and watches. Brands ranging from De Beers to newer laboratory-grown specialists are adapting their communications to focus less exclusively on romance between couples and more on individuality, empowerment and personal reward. The message is increasingly that a diamond does not need to be given by someone else to be emotionally significant.

The trend also creates challenges for the natural diamond sector. Producers are already facing pressure from weaker rough-diamond prices, changing consumer expectations and growing scrutiny around provenance and sustainability. If consumers buying for themselves increasingly choose laboratory-grown diamonds because of their affordability and compatibility with modern messaging, natural diamond companies will need to work harder to communicate the value of rarity, origin, longevity and heritage.

The key question for the industry is whether self-purchase becomes a permanent pillar of jewellery marketing rather than a temporary response to changing consumer behaviour. As the boundaries between romantic gifting and personal luxury continue to blur, the meaning of the diamond itself is evolving from a symbol primarily of commitment between two people to one that can also represent ambition, independence and self-expression.

For the DCLA, this changing relationship with diamonds underlines the importance of communicating the distinct qualities of natural diamonds while recognising the broader cultural shift taking place across the jewellery market. The future of the category may depend on its ability to preserve the emotional power of the diamond while expanding the occasions, customers and stories connected to it.

Swarovski's Pop Luxury Plan Pays Off Again

 

Swarovski delivered 6% year on year organic growth in 2025 as its turnaround and repositioning plan continued to pay dividends.

The family controlled Austrian company reported EUR1.97 billion ($2.26 billion) in revenue for the year, generated across its 2,300 retail boutiques worldwide.

Swarovski, best known for selling precision cut crystal jewelry and accessories, embarked on its “LUXignite” strategy in 2022, moving toward a “pop luxury” jewelry led business.

Ariana Grande, the Grammy-winning American singer, songwriter, and actress, became Swarovski’s brand ambassador in 2023, and has played a key role in blending high fashion with mainstream cultural appeal.

As the company issued an update on its 2025 performance, CEO Alexis Nasard said: “Our consistent progress continued in 2025 despite a challenging environment, as we delivered broad based top line growth, strengthened profitability, and improved cash generation, while reaching new heights of brand desirability and anchoring the Swarovski brand as a cultural icon in the pop luxury space. The execution of the LUXignite strategy is delivering as intended.”

Swarovski saw year on year growth in all regions and sales channels, notably in North America (+10%) and among the company’s own directly operated stores.
EBITDA rose 12% compared with the prior year, supported by strong cash generation.

As a privately held company, Swarovski is not obliged to publish detailed financial accounts.

In November, the company announced plans to cut around 400 jobs at its headquarters in Austria and to reduce pay and working hours for the remaining 2,100 staff.

Source:DCLA

Swarovski Cuts 400 Jobs at Austria HQ

Swarovski is to cut around 400 jobs at its headquarters in Austria and to reduce pay and working hours there for the remaining 2,100 staff.

The family-run company, founded in 1895, blamed weaker sales to other companies rather than direct sales to individual consumers.

Layoffs will start in January 2026, the company said. It will also reduce staff numbers through voluntary departures, and retirements.

In addition, Swarovski, best known for its crystal products, will reduce pay and hours for HQ staff by 10 per cent and eliminate the night shift.

Swarovski has axed over 5,000 jobs since 2007, reflecting ongoing efforts to slim down the workforce amid market pressures.

The company, which has 2,300 outlets globally, returned to profit in 2024 after five years, and reported full-year revenue of EUR 1.9bn (USD 2.0bn).

Pic shows the Swarovski HQ, in Wattens, Austria.

Source: DCLA

Swarovski Returns to Profit, Doubles Lab Grown Sales

Swarovski returned to profit after five years, saw its 2024 revenue grow by 6 per cent and doubled its sales of lab grown diamonds.

The private, family-owned Austrian company said it was now recovering from losses during the COVID years and beyond, and said its turnaround was now “in full motion”.

The Swarovski Crystal Business, with 2,300 outlets globally, reported EUR1.9bn ($2bn) revenue for the year ending 31 December 2024.

It did not provide a detailed breakdown, but said it had achieved record sales in the US and its home market in Austria, despite “a difficult trading environment”.

Sales of Swarovski Created Diamonds more than doubled, it said, again without providing numbers.

CEO Alexis Nasard, said the company’s LUXignite strategy – transforming Swarovski into a modern “pop” luxury brand – was blending its iconic heritage with contemporary cultural relevance.

“In 2025, instability in our operating environment will likely persist, but as we celebrate our 130th anniversary our focus will remain on the disciplined execution of our strategy, with continued focus on superlative creativity, strategic investments, and financial rigor,” he said.

“Swarovski’s turnaround is in full motion, with another year of major progress, including strong organic growth and significant improvements in EBIT and cash, driven by record brand desirability, appealing product collections, and an immersive retail experience.”

Source: DCLA

Swarovski Created Diamonds

Swarovski celebrated the launch of Swarovski Created Diamonds with an event held at the new Chadstone store in Melbourne, Victoria. VIP guests and friends of the House includingMaria Thatill, Maxine Wylde, Jessie Murphy, Charlene Davies and Tayla Broad enjoyed a day filled with joyful extravagance which included a Swarovski Created Diamonds styling session.

The Swarovski Created Diamonds collection includes ‘Galaxy’, the latest range by Global Creative Director Giovanna Engelbert, which takes its inspiration from the birth of the cosmos. The 19-piece collection includes necklaces, rings, earrings, and bracelets in a dazzling array of diamond cuts, expertly crafted to capture and transform the light. For its launch in the Chadstone store, Galaxy Collection showpieces shone in a special display, reflecting Engelbert’s cosmic inspiration.

Giovanna Engelbert commented: “The confluence of diamonds, Swarovski’s heritage, and my creative vision has culminated in a collection that embraces the birth of new dimensions for the universe of Swarovski. The endeavor of meticulously creating diamonds to reflect light in mesmerising ways was remarkable, and what truly excites me is the accessibility to this beauty, thereby elevating the possibilities of customers’ creativity in their self-expression.”

Crafted with Swarovski’s exquisitely cut laboratory grown diamonds, which are identical to mined diamonds in every way but origin, Swarovski Created Diamonds fine jewellery collections showcase the brand’s mastery of light and savoir-faire. They are created with 100% renewable energy and recycled gold and silver, and only diamonds of the highest quality are used, with each stone certified by the International Gemological Institute (IGI) according to the 4Cs of diamond quality – cut, colour, clarity, and carat weight.

With its long heritage of precision cutting, innovation, and artistry since 1895, entry into the fine jewellery market is a natural evolution for the 129-year-old luxury brand. Swarovski Created Diamonds collections will be rolled out in flagship stores and key markets globally.

Source: DCLA