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How 2023 Became the Year of the Lab-Grown Diamond

Consumers are increasingly buying into the idea of lab-grown stones, altering long-held jewellery industry standards for how diamonds are sold.

Dorsey, a brand that exclusively sells lab-grown stones, saw 600 percent sales growth in 2022. (Courtesy Dorsey)

Diana Pearl

16 October 2023

BoF PROFESSIONAL

In New York, a stretch of 47th Street is known as the Diamond District for the countless gem shops and appraisers that occupy just about every storefront and office. Some 40 blocks south, Pandora recently brought to life a competing vision for how stones are made, bought and sold.

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Pandora Lifts Outlook as Jeweller Pushes Lab-Grown Diamonds

Pandora A/S raised its revenue forecast on strong demand as the Danish jewellery chain expands sales of lab-grown diamonds, aiming to popularise the cheaper alternatives to mined gems.

How Lab-Grown Diamonds Went Mainstream

Synthetic stones now make up 10 percent of the diamond market, highlighting the ways in which new materials are rewriting the rules of what is considered luxury.

Why LVMH Is Betting on Lab-Grown Diamonds

For years, luxury’s biggest jewellers have dismissed synthetic diamonds as inauthentic. But an investment by LVMH’s venture fund in lab-grown diamond company Lusix suggests this calculus may be changing alongside consumer interest in ethical and sustainable products.

About the author

Diana Pearl

Diana Pearl is Senior News and Features Editor at The Business of Fashion. She is based in New York and drives BoF’s marketing and media coverage.

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