Way back in the year 1979, young Leibish Polnauer, then a diamond polisher, travelled to London only to find the factory at which he worked had been shut down. But, luckily he found an advertisement from the royal crown jeweler Garrard‘s seeking a 6-carat pear-shaped diamond… and he made the phone call that would change his life forever.
Garrard’s needed 80 pear-shaped diamonds in two weeks, and Leibish said that he would provide them though he did not have any stock of his own. Leibish Polnauer kept his promise to Garrad’s … so much for Leibish Polnauer’s entrepreneurship! And the rest, as they say, is history.
Now, about four decades later, Leibish Polnauer- Founder- President still steers Leibish & Co, which strives to be a premier supplier of natural Fancy Color diamonds in all colors, sizes, and price ranges.
Here, in an interview with Rough&Polished, Leibish Polnauer puts forth his candid views on the natural diamond industry as well as the lab-grown diamond sector.
Some excerpts:
What is the present demand position for natural high-end colored diamonds from your company? Considering the present global geopolitical situation, do you think the demand for natural diamonds is still regular as in earlier times?
The current demand is stronger that the supply.
The demand and sales of natural colored is stronger than last year and sales of Leibish are up.
With colored diamonds and jewelry collections becoming more expensive, what is the demand and price situation in the US market?
The demand for Pinks and Yellows is strong, all pinks - specially Argyle goods - are rare and very strong in demand price. In yellows, Fancy brownish yellow, FLY, YX, FY selling very well.
Your company’s signature style is well known globally for its exclusivity. What is the latest from your company, especially with colored diamonds?
Our program - Design Your Own - is hot seller and our internet jewelry sales of fancy color and gemstone jewelry is up 100 %.
According to you, what is the current demand situation for high-end white & color diamonds as an investment vehicle?
Top quality Important diamonds with IF and FL clarities make sales fast and people starting to look at them as a long term investment.
Though colored lab-grown diamonds (LGDs) are a different category, will they affect the natural colored diamond sales and demand?
Lab Grown diamond are biggest scam this industry ever seen. Customers are lured in to spend a bit less than a natural diamond, but in the end, they get a product of no resale value.
As we sell only real natural diamonds our sales are growing. LGD does not affect us at all.
As LGDs are popular among the GEN Z (who are the future consumers) how will this impact natural diamond demand? What future do you foresee for natural/mined diamonds?
The sales of LGD are less than 10% of the total market. The future of real diamonds is greater than ever.
Many manufacturers, as well as retailers, are now involved in both natural diamonds and LGD business. How do you think this will span out going forward?
The margin of sales in LGD is 200 %. That drives the retailers to push LGD. But in a few years, this new customer will come back for an upgrade and will be told that their stone is worthless.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
