This article first appeared in the JNA March/April 2024 issue.

Ethereal Green Diamond’s Dhairya Virani possesses all the impressive qualities of a next-generation leader: Ingenious and adaptable with a forward-looking mindset. As company director, he was instrumental in introducing many firsts in the lab-grown diamond sector thus taking Ethereal Green Diamond to greater heights.

In June 2023, Ethereal Green Diamond created a 50.25-carat lab-grown diamond, which the International Gemological Institute (IGI) then certified as the first lab-grown diamond to surpass the significant “half-century” mark in carat weight.

The type IIA emerald-cut G-colour lab-grown diamond of VS2 clarity – named Shiphra – measures 22.95 by 18.45 by 11.57 millimetres and has been further described by IGI as a “landmark achievement” in the lab-grown diamond sector. The crystal, from which it was polished, was grown over a period of eight weeks using chemical vapor deposition (CVD).

Ethereal Green Diamond also made headlines in 2021 when it unveiled its 14.6-carat Freedom of India, the largest CVD diamond at the time.

Eyes on the prize

Dhairya’s inspiring foresight, business acumen and ingenuity are the backbone of Ethereal Green Diamond. He remarked, “We identified the growth avenue for Ethereal Green Diamond by closely monitoring industry trends, leveraging market research, and fostering a culture of innovation within our team. The potential was evident in addressing sustainability concerns and meeting the rising demand for lab-grown diamonds.”

The revolutionary endeavour of opening new horizons and consistently introducing breakthroughs in this rapidly growing market required an equally revolutionary leader. And Dhairya, who comes from a reputable diamond and jewellery dynasty in Hong Kong, fits the bill.

Under his guidance and vision, Ethereal Green Diamond continues to prosper and remains at the forefront of critical developments in the lab-grown diamond sector.

“Our pursuit of excellence is driven by a commitment to pushing boundaries and setting new standards in the lab-grown diamond space,” Dhairya explained. “Breakthroughs not only showcase our capabilities but also play a pivotal role in positioning Ethereal Green Diamond as an industry leader, aligning with our overarching business strategy. This can be witnessed by the records of the lab-diamonds we have grown.”

Insights

While the lab-grown diamond industry is going through a period of consolidation, Dhairya believes the current scenario poses both challenges and opportunities for Ethereal Green Diamond.

Specifically, it inspires “strategic evaluation and adaptation,” which in turn, will ensure that the company remains agile. Ethereal Green Diamond is also maintaining an optimistic outlook in the coming months, with a focus on leveraging synergies and emerging stronger amid existing market dynamics, noted Dhairya.

Moving forward, technology will continue to be at the centre of Ethereal Green Diamond’s operations.

“Expect ongoing commitment to technological advancements and further modernisation from Ethereal Green Diamond. We are dedicated to pioneering new processes, enhancing diamond quality and exploring sustainable practices, reinforcing our position as a forward-thinking industry player,” he said.

Dhairya’s objective is for Ethereal Green Diamond to become a global leader in sustainable and ethically produced lab-grown diamonds over the years. Achieving this entails ongoing advancements, strategic partnerships and a relentless commitment to environmental and social responsibility, ensuring the company’s impact is positive and lasting, he remarked.

Top challenges facing the diamond industry 

Potential growth deterrents in the lab-grown diamond segment include navigating regulatory landscapes and overcoming consumer scepticism. 

Proposed solutions 

Opportunities lie in continuous consumer education, adopting sustainable business practices and industry collaborations to foster industry growth. Transparency and continuous innovation are also becoming increasingly important to thrive in the lab-grown diamond industry. 

This story is part of a series of ‘New Era of Leaders’ profiles in JNA March-April 2024. Click here to view the other profiles.