Lab gown diamonds firm The Diamond Lab has secured £450,000 worth of funding to expand on to the retail high street and aims to educate customers about the benefits of lab-grown diamonds.
The business will receive funding led by investor James Shulman, after the brand launched in Selfridges and attracted multiple investors who saw an opportunity for expansion.
In its first year the jewellery brand, which is located on New Bond Street, forecasts that it will generate £3.8 million sales in its first year.
The idea for the brand came after founder Jamie Amelia Patel conducted a social experiment with 100 of her clients who had a preference for mined diamonds, and asked them to share their views.
Now, the brand will also focus on educating customers on sustainable and mindful jewellery making practices.
Subscribe to Sustainability Beat for free
Sign up here to get the latest sustainability news sent straight to your inbox everyday
Patel said: “The Diamond Lab is shaking up the traditional norms of the luxury industry by deeply understanding the demands of upcoming luxury customers. We aim to cultivate a space that encourages significant dialogues on earth kind diamonds and the future of eco-luxury”.
“Not only am I eager to start discussions about diamonds, but I am also passionate to educate customers on the process of seed to diamond.”
The firm’s non-executive chairman, former Prada and Louis Vuitton managing director, David Duncan-Smith added: “Jamie Patel is a visionary in the luxury jewellery sector.”
“This, at an important moment in time, will take the consumer on an exciting, disruptive yet respectful change of pace with the advent of lab-grown diamonds joining the global retail experience of diamond jewellery designs.”
“The Diamond Lab prepares to do so whilst appreciating and understanding the importance in today’s world of eco-luxury, linking ecological balance within the pursuit of environmental sustainability”.
