Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

Yesterday

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Korean lab-grown jewellery brands gain popularity among high-end consumers

08 august 2023

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