London-based jewellery business The Diamond Lab, founded by Jamie Amelia Patel, has secured a £450,000 Series A funding in its first round of private financing led by investor James Shulman.
Additionally, David Duncan-Smith, former managing director of Prada UK and Louis Vuitton UK will be joining the brand as its new non-executive chairman.
In his new role Duncan-Smith will be providing guidance and advice to the luxury brand.
Patel said that after launching in Selfridges London this year, “the brand attracted multiple investors who saw the opportunity for expansion”.
She has forecasted £3.8m in sales during its first year through international e-commerce, a London flagship store, and several brand partnerships due to be announced in the coming months.
The jewellery brand will open its immersive brick-and-mortar store located on New Bond Street by November 2023.
Further lab-grown diamond jewellery designs will also be added to its three existing collections, including the exclusive Selfridges Yellow Diamond line.
The Diamond Lab was born from a social experiment with 100 of Patel’s clients who particularly favoured mined diamonds.
Patel wanted to address the misconceptions about diamonds grown above ground and as part of the experiment each of her clients received a lab-grown diamond bracelet, strung on a clear thread to represent “the invisible threads that connect technology and nature”.
They were then required to give feedback on those lab-grown diamonds. Patel said that after receiving the bracelets, every single client requested to purchase the lab-grown diamond.
These bracelets now sit as a collection in The Diamond Labs offering and have since been named LAB100.Patel said: “The Diamond Lab is shaking up the traditional norms of the luxury industry by deeply understanding the demands of upcoming luxury consumers. We aim to cultivate a space that encourages significant dialogues on earth kind diamonds and the future of eco-luxury. Not only am I eager to start discussions about diamonds, but I am also passionate about educating customers on the process of seed to diamond.”
Duncan-Smith added: “Jamie Patel is a visionary in the luxury jewellery sector. This, at an important moment in time, will take the consumer on an exciting, disruptive yet respectful change of pace with the advent of lab-grown diamonds joining the global retail experience of diamond jewellery designs. The Diamond Lab prepares to do so whilst appreciating and understanding the importance in today’s world of eco-luxury, linking ecological balance within the pursuit of environmental sustainability.
“Jamie’s leadership and creative vision is at the forefront of the lab-grown diamond revolution bringing a new perspective on the way forward for luxury consumers to understand and appreciate a new holistic approach to the diamond retail experience.I am delighted to be bringing my 30 years luxury retail experience to advising and helping Jamie and the team in building an important new brand on the world stage.”
