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
