Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

Yesterday

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.

11 april 2024

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

Dubai’s wealthy are taking a shine to lab-grown diamonds

09 january 2024

Dubai has witnessed a massive spike in demand for lab-grown in 2023 following the release of Netflix documentary ‘Nothing Lasts Forever’. High-end clientele including Premier League footballers, wealthy families, and influencers are now buying more lab-grown diamonds.

When lab-grown diamonds first emerged on the market a few years ago, the diamond industry did not anticipate the consumer profile that would embrace them. Major players like De Beers attempted to steer demand towards specific demographics like teenagers or eco-conscious shoppers through branding exercises.

However, Fergus James, the founder of luxury Dubai-based jewellery company Fergus James, says he witnessed demand for lab-grown diamonds surge across all customer profiles following the release of the popular Netflix documentary “Nothing Lasts Forever.”

“What came through very quickly was that it wasn’t what the diamond industry was anticipating in terms of the general demographic or customer profile they anticipated would buy it. It has actually transpired that the customer profile is just completely non-discriminatory. It’s everyone! Even people who’ve got money, they can afford to buy whatever they wanted," James added.

He recounts selling high-end lab-grown diamond bracelets to wealthy socialites, influencers and Premier League footballers living in multi-million dollar mansions on the prestigious Palm Jumeirah district, as well as cultured diamond jewellery to an ultra-high net worth Indian client who spends over $500,000 annually but carefully selects lab-grown for quality and value. “They buy nothing but lab,” he revealed.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished