Smiling Rocks is gearing up to launch several new lab-grown diamond jewellery collections catering to millennials, Gen Z and conscious consumers who value ethical and sustainable choices. 

The lab-grown diamond jewellery brand will be unveiling new engagement collections in its Smiling Brides line in January to February 2024.

These will be followed by a number of new bridal and fashion collections in May or June, strategically targeting the third and fourth quarters of 2024.

Prevailing trends

Zulu Ghevriya, CEO of Smiling Rocks, said demand is currently greater for designs with larger stones, particularly in engagement and bridal jewellery. 

He noted that consumers enjoy being able to purchase larger lab-grown diamonds at affordable prices while still enjoying the luxurious appeal.

“Consumers are no longer solely interested in classic styles when it comes to lab-grown diamonds. They seek novelty in design and are eager to invest in larger-carat stones that make a bold statement,” Ghevriya explained. “When it comes to fashion, they are on the lookout for playful styles that incorporate the appearance of bigger diamonds or feature multiple diamond arrangements.”

The market is also partial to combining gemstones or pearls with lab-grown diamond jewellery for a touch of versatility and variety, he added.

While the lab-grown diamond industry continues to face pricing challenges, Ghevriya said prices of smaller sizes and those below 2 carats have become more stable. 

“It is expected that there will be an impact on the prices of larger diamonds, but this is a natural part of the industry's adjustment period as it settles down,” he remarked.

Growth opportunities 

While the US remains its strongest market, Smiling Rocks is capitalising on growing demand for lab-grown diamonds in Asia. 

The Smiling Rocks brand is currently available in Japan, Korea, Singapore and most recently, India. In China, the company collaborates with designers and retailers on its loose lab-grown diamonds.

Ghevriya said, “The Asian market is gradually embracing lab-grown diamonds, and jewellers have begun educating their customers about this relatively new product.”

He cited India as showing “surprising acceptance” of the product, with younger generations of consumers perceiving lab-grown diamonds as a sustainable luxury option.

China, however, remains a predominantly traditional market, requiring greater time and resources to build interest in lab-grown diamonds. 

Growth opportunities still abound in the US, too. Seeking freshness and new choices, consumers increasingly embrace lab-grown diamonds due to their affordability and cost-effectiveness, Ghevriya said.

Bright outcomes 

Smiling Rocks maintains a rosy outlook for business next year, on the back of a strong 2023. 

The brand received its second consecutive SDG Enterprise Awards, which recognises companies that actively promote and work towards sustainable development. 

Smiling Rocks’ diamond growing facility and jewellery manufacturing facility were both also certified by SCS, further validating the quality of its brand. 

Moreover, its bridal line was warmly received by the market, and it gained significant brand recognition and exposure when Gigi Hadid donned a Smiling Rocks Haute Couture necklace at the Met Gala 2023.