Ethereal Green Diamond is carving its niche in the rapidly expanding lab-grown diamond sector by filling the gap in the market for bigger, gem-quality stones.

Dhairya Virani, director of the lab-grown diamond grower and manufacturer, said, “Demand is always healthy for commercial stones from 1 to 3 carats in all shapes and sizes. But there is also a huge pickup for stones of 5 carats and up. This indicates that lab-grown diamonds are developing into a full-fledged jewellery category with countless design possibilities.”

Ethereal Green Diamond recently made headlines with its 14.6-carat Freedom of India lab-grown diamond, said to be the largest certified gem-quality stone produced using the chemical vapor deposition (CVD) method. Certified by the International Gemological Institute (IGI), the square emerald-cut stone has a VS2 clarity grade in F colour. IGI graded the stone as “excellent.”

“Technical challenges usually curtail the size and quality of lab-grown diamonds. Our latest feat, however, attests to our strengths in this sector and our ability to cater to the surge in demand for bigger, gem-quality stones,” Virani explained.

Innovation indeed lies at the heart of Ethereal Green Diamond’s business strategy. The company recently launched special cuts for its lab-grown diamonds, adapting the Optica series of diamond cuts, licensed from diamantaire Hini Star Ltd, to its products.

Star-inspired Optica Stelo has 91 facets; rose-themed Rozo, 56 facets; and floral-patterned Floro, 77 facets. The patented cuts within traditional round stones add more value and personalisation for end-users.

“Our initiatives encourage consumers to see things in a different light,” Virani said. “We are opening up a whole new world of lab-grown diamonds to consumers across the globe, offering spectacular gem-quality stones with fascinating production stories and enticing new designs.”

Ethereal Green Diamond’s colourless stones come in D to N colour. The company’s production also includes pink, orange and blue lab-grown diamonds in light to vivid shades. Its distributor in Hong Kong is Proudest Legend Ltd.

Bright outlook

Despite challenging business conditions owing to the pandemic, the market for lab-grown diamonds is growing exponentially year on year, according to Virani. North America leads demand, with consumer acceptance catching on in Southeast Asia as well.

Lab-grown diamonds are increasingly viewed as both an alternative to and an aspirational step towards their mined counterparts, the company official revealed. The product’s sustainable image and relative affordability heighten its appeal among today's modern consumers, he continued.

For Virani, the entry of established jewellery brands – Pandora, Swarovski and De Beers through its Lightbox brand, among others – in the lab-grown diamond space lends further credibility and prominence to the category. Given the vast potential of the sector, whose nature aligns with consumers’ sustainability goals, more players are expected to enter the field, he added.

“This endorsement by the big names in the jewellery industry alone can do more for market acceptance of lab-grown diamonds than any marketing campaign that producers can develop. These brands’ commitment to the category affirms the viability of lab-grown diamonds as a business and the public clamour for the product. All this activity however needs to be coupled with transparency and education campaigns for retail staff and the public to build lasting consumer confidence,” Virani remarked.

The expansion of the market for lab-grown diamonds signals more opportunities for growers. Virani expects production to soar as demand currently outstrips supply.

“There will be more and more carats of polished lab-grown diamonds entering the marketplace. Prices should remain stable though as there is enough demand to absorb new production,” he explained.

Ethereal Green Diamond invests in education and support for new players in the industry to help eradicate common public and trade misconceptions about lab-grown diamonds, Virani added.

Ethereal Green Diamond is disrupting the disruptive world of lab-grown diamonds by defying existing limitations of sizes and cuts. Its breakthroughs in the field open up new horizons for the fast-growing category.