LabGlow poises itself to disrupt the diamond market by integrating the needs of buyers and suppliers

Arnav Mehta – Director of LabGlow, a new lab-grown diamond venture, talks to The Retail Jeweller World about the concept, prevalence and future of lab grown diamonds at a time when sustainable luxury is the need of the hour.

1. When did you launch LABGLOW? Take us through the thought, concept and journey?

With our thorough understanding of rough and polished diamonds and of the industry as a whole, we are introducing a new lab-grown diamond venture called LabGlow.  We have strategically partnered with a team that complements our skills in order to maintain our exacting standards in our new venture.

In addition to our expertise in diamond manufacturing, LabGlow’s team comprises of jewelry experts who have brought more than 40 years of collective/combinedexperience in the diamond jewelry business. Their experiences and expertise range from research-based merchandising, design, production, marketing and sales. The collective experiences of dealing in B2B as well as B2C establishments, helps bring us closer to understanding the retailer and their needs as well as the end consumers. We are able to move a step closer to the consumers, completing the circle of services offered. Our offerings are based on research of market trends, consumer patterns, demographically different markets across the world and a passion and commitment towards 100% customer satisfaction. Our continuous research allows us to be in sync with consumer demands and aspiration, and this enables us to push our business partners towards maximizing their capabilities and profits.

LabGlow is set to operate as an online platform serving the B2B space by integrating the needs of diamond buyers and what suppliers have to offer.

LabGlow is a new experience brought by expert diamond and jewelry manufacturers to facilitate purchases more efficiently. It is a global buying platform that bridges the online and offline diamond procuring experience for extraordinary lab grown diamonds and jewelry.

We offer tailored end to end customer services and support. Our mission is to provide a trusted marketplace for the lab grown diamond industry, where retailers and manufactures come to find everything they need to best serve their customers and strengthen their profits.

Our collection of curated lab-grown diamond jewelry stands by the values of quality, elegance in design, luxury and transparency

LabGlow assists our clients to grow their business by providing better lab grown diamond sourcing, beneficial logistical management, creating their store traffic, finding new vendors, reaching more consumers with better technology, reducing costs of sourcing while doing faster better merchandising and promoting their products to consumers.

• Talk to us about the concept of lab-grown diamonds. What kinds are you offering?

Enter the Lab Grown Diamond. Often described as the test-tube baby of the diamond industry, lab grown diamonds are identical in chemical composition, structure, and visual characteristics to mined diamonds, and therefore are real, true and original diamonds in every sense of the word. The only meaningful difference between mined and lab grown diamonds is the way in which they are formed, one being formed over billions of years under the Earth’s surface and one being created in a laboratory in just a few days using machines and technology.

Two primary technologies exist for creating or ‘growing’ lab diamonds, namely High Pressure High Temperature (HPHT) and Chemical Vapour Deposition (CVD). While both technologies use a real diamond ‘seed’ or small fragment of a mined diamond, combined with heat and press each technology has its own unique attributes.

The sourcing of laboratory grown diamonds is currently through both CVD and HPHT technologies. We currently hold an inventory of more than 30,000 diamonds which is growing every day in colors’ from D-K and most clarity VVS-SI. Other than certified diamonds we also have lab grown diamond inventory in parcels for under 0.3ct in round, oval, pear, emerald and other cuts. We are also experts at making new customized cuts that can be patented and produced at scale.

A Collection of Colors 

In addition to an infinite supply, lab-grown diamonds can be created in an array of colors that are very rare when found in nature. Colored Diamonds are the new trend today! Whereas their mined counterparts would have an impressive price tag, lab grown fancy colored diamonds have the same appeal in a much more affordable price. This makes fancy colored jewelry design easily accessible to more. Colored diamonds can embellish any outfit and make it look extravagant.

We offer a wide collection of colored diamonds available in different shades ranging from deep blues, to vivid pinks & purples and bright yellows to light Browns in different diamond shapes and cuts.

3. The international scenario concerning lab-grown diamonds is very bright because millennials are very conscious about climate change and mining processes. How do you think the acceptance has grown over time?

Mined diamonds are hard to come by, and extremely expensive. A 1 carat cut diamond of high clarity and good color is likely to cost approximately 5000 USD which is an inaccessible price point for many. Add to that the rarity of mined stones with untainted origins, and the number of people willing and able to buy one reduces even further. It is estimated that no more than 500,000 diamonds are mined and polished each year. 

With lab grown diamonds we believe that more people can experience the joy of owning a diamond, with the same clarity, color and carat size for a significantly lower and more accessible price.

• Talk to us about your products. What is the price range and what is unique about your offering?

LabGlow is one of the first Indian players who have entered the digital segment of B2B lab grown diamond business where retailers can purchase loose lab grown diamonds and lab grown diamond jewelry from manufacturers.

It is set to operate as an online platform serving the B2B space by integrating the needs of diamond buyers and what suppliers have to offer.

Retailers and wholesalers alike will be able to use the platform to purchase both lab-grown loose diamonds as well as jewelry. Users will be able to customize orders on the platform, or simply purchase existing products or diamonds to add to their own settings. By using the platform, retail partners will be able to avail of a fully developed front-end IT solution for their e-commerce and display purposes with the back end and inventory being handled entirely by itself.

Rings are available in the channel set, halo, pave, side stone, solitaire, three stone and vintage settings, they are available in white gold, yellow gold and rose gold in 14 k and 18 k.Our forte is in engagement rings and solitaires as our target segments are the US market.

5.What about your production numbers. Which countries in particular, do you think will be a good market for your diamonds? Are you looking at the Middle East?

India is amongst the youngest countries in the world today with over 65% of the population aged less than 35 years. It is unlikely that more than 1-2% of this millennial and Gen Z population has ever purchased a diamond on their own. With the average urban age for men getting married has risen to between 25 – 28 years, an almost negligible number of grooms-to-be are capable of spending the extremely high amount necessary to present their future bride with a diamond engagement ring. If, however, they were able to purchase a lab grown diamond ring of equal size, the same cut, color and clarity, that number would undoubtedly rise significantly, thereby introducing an entirely new segment of diamond buyers to the industry.

Our primary focus is the US as there is a lot of knowledge on Lab grown diamonds already created there, the awareness on lab grown diamonds is increasing in the US market, and hence there is already a huge consumer demand for these diamonds. We are open to cater globally to the entire world; we won’t deny business to any particular section of the world if there is a requirement on lab grown diamonds.

• What would you tell diamond retailers who are still wary about housing natural and lab-grown diamonds together in one store? Since many feel that this lessens their credibility, do you help with mobile stalls for your products?

With a rapidly growing middle class and an increasingly upwardly mobile market of millennials and Gen Z spenders, all aspiring to own a significant sized diamond (0.5 carat)  or a meaningful piece of diamond jewelry demonstrates that diamonds are and will continue to be coveted for their beauty, emotional value and symbolism. In India particularly, the younger generations have been greatly influenced by Western and popular culture, placing significance in diamond engagement rings, and larger stones as a sign of affluence and achievement. The public lifestyle often sought by 25-40 year old age group lends itself to a growing market for lab grown diamonds and lab grown diamond jewelry since consumers will be able to purchase a bigger, more visible lab grown stone for the same price as a smaller mined stone.

7.How do you see the lab-grown diamond market growing and flourishing?

Mined diamonds are hard to come by, and extremely expensive. A 1 carat cut diamond of high clarity and good color is likely to cost approximately 5000 USD which is an inaccessible price point for a large number of people. Add to that the rarity of mined stones with untainted origins, and the number of people willing and able to buy one reduces even further. It is estimated that no more than 500,000 diamonds are mined and polished each year.  In its 2020-2021 report, Bain & Co. reported that the accumulated inventory of mined diamonds stood at approximately 52 million carats versus 6 to 7 million carats of lab grown diamonds produced in the same period.

Mined Diamonds and Lab Grown Diamonds will always complement each other and will retain their individual segments,  where Mined Diamonds will be acquired for its rarity while lab grown diamonds for being affordable luxury. 

8.What is your message to retailers on the future of the jewellery industry, especially with regards to lab-grown diamonds?

We have always placed great importance in innovation, and continually strive to remain ahead of the curve, understanding and implementing trends and staying in touch with the latest technological developments.

At our heart, the vision established by our founding fathers to provide the best quality products and services, continues to drive us and we strive to provide ideal solutions to help the industry grow as a whole.

Courtesy: Retail Jeweller World News