Industry Insiders Discuss Diamond Dilemma and Gold Price Volatility

The U.S. jewelry market is experiencing a significant split, with high gold prices and the ongoing debate between natural and lab-grown diamonds creating distinct challenges and opportunities for retailers. This was a key theme discussed on the inaugural episode of the new podcast, ‘My Next Question,’ co-produced by Jewelers of America (JA) and National Jeweler. Hosted by Michelle Graff, editor-in-chief of National Jeweler, and Amanda Gizzi, from Jewelers of America, the episode featured insights from Sherry Smith, vice president of coaching strategy and development at the Edge Retail Academy, and Edahn Golan, a prominent industry analyst and co-founder of the data platform Tenoris.

Market Fragmentation and Diamond Dynamics

Golan highlighted that the U.S. jewelry market is not simply slowing down but is actively bifurcating. This divergence is influenced by various factors, including consumer spending habits and the growing market share of lab-grown diamonds. The podcast delved into the performance of natural diamonds compared to their lab-grown counterparts in 2025 and offered predictions for 2026.

While specific sales figures for 2025 were discussed, the overarching sentiment suggests a complex landscape. The rising price of gold is pushing retailers to explore alternative materials and price points to appeal to a broader consumer base. Meanwhile, the diamond sector continues to grapple with the positioning of natural diamonds in an era where lab-grown alternatives offer more accessible options, leading to a reassessment of strategies for natural diamonds.

Podcast Features and Industry News

‘My Next Question’ is a new podcast spin-off from the successful webinar series launched in 2020. The podcast aims to keep industry professionals informed and connected by featuring updates on the latest news, in-depth interviews with jewelry insiders, and lighthearted wrap-up segments. Episodes are available on major podcast platforms like Spotify and Apple Podcasts, as well as on the National Jeweler YouTube channel.

The episode also touched upon other significant industry developments:

• High Gold Prices: Retailers are actively seeking alternatives to gold due to its elevated price point.
• The Diamond Dudes Podcast: Edahn Golan also appeared on ‘The Diamond Dudes Podcast’ discussing topics such as lab-grown diamond pricing, industry consolidation, and branding strategies.
• Market Trends: Discussions included the performance of colored stones, the impact of economic conditions on fine jewelry sales, and the evolving preferences of Gen Z consumers.
• Industry Events: News from events like Couture and JCK was mentioned, highlighting educational programs and grant recipients.
• New Collections: Several brands launched new collections, some focusing on alternative metals like Chris Ploof’s ‘Modern Electrum’ collection, which uses a gold and silver alloy, as a response to high gold prices.

Looking Ahead

The insights shared by Smith and Golan provide a snapshot of the current challenges and emerging trends within the jewelry industry. As the market continues to evolve, the interplay between material costs, consumer demand for both natural and lab-grown diamonds, and shifting retail strategies will remain critical factors for success in 2026 and beyond.