Today’s modern consumer places a premium on knowledge and a wealth of options to make informed buying decisions. Alongside this progressive consumer behaviour is the rise of innovative products and services that cater to increasingly evolving market preferences.

In the jewellery world, lab-grown diamonds – marketed as sustainable, reasonably priced but equally beautiful alternatives to natural diamonds – are commanding the attention of young, discerning consumers.

Zulu Ghevriya, CEO of lab-grown diamond jewellery brand Smiling Rocks, is capitalising on this phenomenon.

“The lab-grown diamond sector has grown exponentially over the years, with consumers viewing lab-grown diamonds as a viable option in luxury purchasing,” revealed Ghevriya. “With continued education in the trade, there is great potential for buyers to know these products more and appreciate their beauty.”

Demand for lab-grown diamonds is steadily rising as knowledge about them spreads, the company official noted. Information-savvy individuals are also taking it upon themselves to thoroughly research the product before making a purchase. This in turn incentivises retailers to carry lab-grown diamonds in their inventories. “As demand soars, so does supply, which is a great sign for the industry,” said Ghevriya.

Inspired by this business potential and the opportunity to give back to society, Ghevriya and his brother, Manish Jiwani, founded Smiling Rocks as a contemporary lab-grown diamond jewellery brand that operates on a “philanthropic” business model.

At present, the brand supports different charities under four initiatives – environmental preservation, educational and medical support, and animal protection. Smiling Rocks Foundation donates 10 per cent of every purchase to a buyer's choice of charity. The company offers a wide variety of collections grouped into the following jewellery categories: Essentials, Wedding and Engagement, as well as Fine Fashion and High Jewellery. Retail prices start at US$299 and up.

“We are able to cater to any price range and retail partner’s target clientele,” shared Ghevriya.

Among the brand’s most sought-after products are lab-grown diamond jewellery pieces from the Essentials series, which consists of classic, everyday jewellery such as eternity bands, solitaire studs and rings, hoops and tennis bracelets, among other pieces.

These items move the fastest as retailers can offer customers different carat weights that fit their budget.

Smiling Rocks is currently in more than 250 stores in the US and has brand footprints in Hong Kong, Japan and the United Kingdom, among other global markets.

While its target buyers are from North America, it has recently observed encouraging demand from Europe. The company, which has built a strong B2B customer portfolio, is looking to forge partnerships in the trade, particularly with distributors. The brand also has a growing B2C presence, supported by multiple social media channels and a website.

According to Ghevriya, Smiling Rocks offers its B2B customers exclusive rights to their designs and concepts. Pricing meanwhile is determined according to their market position. In the B2C arena, the company maintains an educational website where end-customers can shop and obtain information about the brand and their lab-grown diamond jewellery collections. Buyers can also purchase products through Smiling Rocks’ social media platforms, affiliate online partner-websites and in high-end retail stores.

The brand is expanding through retail channels but is continuously working on distribution concepts such as shop-in-shop and boutique presence with retail partners. Smiling Rocks is exploring a franchise business model as well.

Ghevriya said his vision is for Smiling Rocks to obtain a bigger share of its retail partners’ product portfolios.

The jeweller recently entered the bridal jewellery category, becoming the first brand to offer lab-grown diamond bridal jewellery in the US. Its bridal jewellery collection, Smiling Brides, is aimed at capturing opportunities in this flourishing market, added the company official.

With lab-grown diamonds gaining traction in the US, Smiling Rocks is setting its sights on other markets.

“America has accepted this change and sees lab-grown diamonds as a practical and fresh alternative for diamond jewellery consumers,” noted Ghevriya. “China and other Asian countries are less receptive to lab-grown diamonds, although some Asian consumers are becoming more open to these goods and seeing them as a new option in the luxury segment.”