Suzanne Miglucci became president and CEO of moissanite manufacturer and marketer Charles & Colvard in November 2015. She tells JCK why the North Carolina–based company has staked its future on millennials.
How do lab-grown diamonds affect your business?
It helps to have lab-created diamond companies talking about the value of lab-created diamonds. Five years ago we were up against mined diamonds and trying to validate lab-created products. Now I don’t have to educate the market on the value of lab-created.
You have said you want to target millennials in your marketing.
They will be the future of our growth. When they leave college and have to get jobs and dress for success, we can help them with their fashion jewelry. If they believe in moissanite, at that point we can convert them into bridal. What we like about millennials is they didn’t grow up with the diamond story, the De Beers ads that you and I grew up with. They are very eco-conscious. They want to know the story of the mines, they want to know the source of the metals that we use—that it’s all responsibly sourced.
What are the pros and cons of having Charles & Colvard’s patent on moissanite lapse (in 2015)?
Let me answer pro and pro. On the pro side, it has given more exposure for consumers. On the other pro, we have a 22-year head start on those competitors. We are seeing a lot of body color on their goods, but we are also seeing a lot of clarity issues. It has taken us 22 years to get to where we are. I’m not too worried.