A spate of South Korean laboratory-grown jewellery brands launched this year are gaining traction among high-end consumers at department stores, resulting in strong sales.
According to Korea Diamond Trades Co. (KDT) on 6th August, ALOD, a jewellery brand specializing in lab-grown diamonds, achieved average monthly sales of $84,181 from its store that opened at Hyundai Department Store in Samseong-dong, southern Seoul, in March.
Strong sales were attributed to the department store’s VIP customers, the brand said. "The main customer base of our store mainly consists of those in their late 30s to late 50s," said an ALOD official. "Customers who have experience purchasing diamonds are showing interest in lab-grown diamonds as they are reasonably priced and diverse in design."
Furthermore, lab-grown diamonds are considered environmentally friendly as they allegedly prevent pollution and are not involved in unethical practices associated with natural diamond mining.
However, there are concerns about preserving the value of lab-grown diamonds because they are generally not easy to repurchase. ALOD addresses this concern by offering to repurchase their lab-grown diamonds under certain conditions, ensuring their residual value.
This year, the company is preparing to establish a diamond polishing plant in India, with a possible launch as early as the second half of this year or in the first half of next year.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
