Major jewelry brands compete over lab-grown diamonds

LLOYD lab-grown diamond 1-carat necklace and ring. [Courtesy of LLOYD]

As demand for lab-grown diamonds continues to rise, major jewelry brands are launching new collections featuring these ethically and environmentally friendly gems. Lab-grown diamonds, also known as synthetic or lab-created diamonds, are produced in laboratories and are identical to natural diamonds in their optical, physical, and chemical properties, including their brilliance. They are also considered more sustainable and ethical since they do not require mining, and they are typically about one-fifth the price of mined diamonds, making them increasingly popular.

Popular jewelry brand J.ESTINA introduced its first lab-grown diamond products on Sunday as part of its new premium collection, “MORVE,” which launched on August 30th, 2024. The collection’s name is a portmanteau of “Morbido,” meaning softness, and “Reve,” meaning dream, symbolizing a “sweet dream.” J.ESTINA offers a variety of styles in this collection from 1-carat prong settings to sleek and sophisticated tennis settings.

Fellow jewelry brand, DIDIER DUBOT, launched its “2024 FW Sensual Collection,” which also included its first lab-grown diamond pieces, on August 23rd. The campaign featured brand muse Shin Mina wearing “lab-grown diamond drop earrings” and showcasing the new offerings.

The decision by J.ESTINA and DIDIER DUBOT to introduce lab-grown diamonds is seen as a strategic move to tap the rapidly growing market. The demand for lab-grown diamonds has surged as consumers increasingly value cost-effectiveness and sustainability, prompting these brands to cater to this trend.

Brands specializing in lab-grown diamonds are seeing significant success despite economic challenges. A prime example is “ALOD,” the only brand in South Korea that directly produces lab-grown diamond stones using its own technology and facilities., ALOD has expanded rapidly since its launch in March 2023 and has opened seven stores as of August 2024, including a conversion from a pop-up store to a permanent location at Hyundai Department Store’s Apgujeong flagship thanks to strong customer response.

LLOYD, a jewelry brand operated by Eland, was the first to introduce lab-grown diamonds to the Korean market in 2020. LLOYD’s diamond sales have since grown by an average of 50 percent annually over the past four years. Building on this success, ELand launched “The Grace London,” a brand specializing in lab-grown diamonds that is quickly expanding its presence in the market.