admin The Diamond Lab, the self-funded jewellery brand that started from a social experiment, has secured 450,000 pounds of funding to expand onto the British high street and educate customers about lab-grown diamonds.
The London-based business, founded by Jamie Amelia Patel, secured its first round of private financing led by investor James Shulman to fund an immersive brick-and-mortar store on New Bond Street, which will open in November.
The brand was born from a social experiment with 100 of Patel’s clients who particularly favoured mined diamonds. To showcase her ethically sourced, lab-grown diamond designs, Patel sent each person a lab-grown diamond bracelet strung on a clear thread to represent the invisible threads connecting technology and nature. They were then asked to report back their views on lab-grown diamonds and every single client requested to purchase the lab-grown diamond.
These bracelets now form a collection in The Diamond Labs offering and have been named Lab100.
Patel, founder and creator of The Diamond Lab, said in a statement: “The Diamond Lab is shaking up the traditional norms of the luxury industry by deeply understanding the demands of upcoming luxury consumers. 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 Diamond Lab to open debut flagship store on New Bond Street and educate on lab-grown diamonds
Patel has forecasted 3.8 million pounds in sales during its first year through international e-commerce, its debut London flagship store, and several brand partnerships that it plans to announce in the coming months, adding to its launch in Selfridges London earlier this year.
The brand added that the new funding will also expand its lab-grown diamond jewellery designs to its three existing collections, including the exclusive Selfridges Yellow Diamond line, as well as educate and inspire consumers on lab-grown diamonds.
James Shulman, investor at The Diamond Lab, added: “I am incredibly excited to be involved in The Diamond Lab. While laboratory-grown diamonds are clearly a disruptive and explosive sector, my main incentive is to work with Jamie Patel and her team as she becomes the market leader with a dynamic vision. Jamie’s expertise, energy and drive make this a fantastic investment opportunity.”
The Diamond Lab names non-executive chairman
To assist with the brand’s growth, David Duncan-Smith, former managing director of Prada UK and Louis Vuitton UK, has joined as non-executive chairman to guide and advise the luxury brand on its retail journey.
Commenting on his appointment, Duncan-Smith, said: “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.
“Jamie’s leadership and creative vision is at the forefront of the lab-grown diamond revolution bringing a new perspective on the way forward for luxury consumers to understand and appreciate a new holistic approach to the diamond retail experience. I am delighted to be bringing my 30 years luxury retail experience to advising and helping Jamie and the team in building an important new brand on the world stage.”
