Podcast: A Natural Future

Josh Arazi, vice president and creative director at Arazi Diamonds, came on the Rapaport Diamond Podcast to discuss the company’s decision to restrict the services it offers customers that sell synthetics. 

In July, the New York-based wholesaler announced it would no longer provide its asset-memo support program to retailers carrying or promoting lab-grown diamonds, citing a lack of long-term value in the product. This service enables Arazi to “park some merchandise at their store that is not paid for,” he explained. 

“These retailers made up for less than 5% of our business, but that 5% focused on a better-tier store is having my chips in the right place,” said Arazi on the podcast in conversation with Rapaport’s Joshua Freedman. 

Arazi argued that prices of synthetics had “no backbone” and that consumers were “losing confidence” in stores that stocked the category. 

“If [shoppers] want something natural, they’re a little hesitant. What if they mix it? They may go somewhere else,” he claimed. “I think those retailers [are making] a big mistake. Yes, the margins are good, but you’re chasing pennies.” 

Listen to the full podcast here: