Diamonds Factory unveils European expansion amid ‘rapid growth’

Diamonds Factory has announced plans to open a European Hub in Dublin, following “rapid” turnover growth from €100k (£83,678k) to €1m (£836,785k) in a year.

The jewellers’ Ireland team has doubled in size and will open an operations office in Ireland to meet this new demand, allowing the business to deliver custom-made jewellery “much quicker”.

The company said that custom-made jewellery can typically take from four to eight weeks to be delivered, but Diamonds Factory will be able to turn this around in two to three weeks.

Diamonds Factory’s Irish website saw 54% growth in organic traffic and 86% growth in direct traffic, as well a 23% increase in users. Additionally, lab-grown sales now represent 55% of total sales in Ireland.

Globally, Diamonds Factory is approaching the £35m-£40m mark in 2022. However, the business has seen a 12% decrease in sales year-to-date, which is in line with new business forecasts amid the rising cost of living, although sales continue to grow month-on-month.

Looking ahead, Diamonds Factory plans to expand its physical stores across Ireland. Eight new products are also set to launch soon, including ear climbers, fashion jewellery pieces and different variations of classic designs.

Ben Stinson, Diamonds Factory’s head of ecommerce, said: “Diamonds Factory Ireland, in particular, had quite a rapid growth. We thought Ireland would be an incremental contributing country, but it’s gone from a couple of hundred thousand to a million euro turnover within a year to 18 months.

“We would like to open a bigger store in Dublin as well, where we’ve got our main office. We also want to focus on tailoring more content to the needs of our Irish customers specifically.”