The Diamond Lab, the self-funded jewellery brand that started from a social experiment, is set to be one of the boldest UK jewellery start-ups around. It secures £450,000 of funding to expand onto the British retail high street whilst educating and inspiring customers about lab-grown diamonds.
Steered by founder Jamie Amelia Patel, the London-based business has successfully secured its first round of private financing; a £450,000 Series A, led by investor James Shulman. After launching in Selfridges London this year, the brand attracted multiple investors who saw the opportunity for expansion.
Patel has forecasted £3.8 million 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 innovative 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 add to its three existing collections, including the exclusive Selfridges Yellow Diamond line.
Jamie Amelia Patel, founder and creator of The Diamond Lab 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 to educate customers on the process of seed to diamond.”
The Diamond Lab was born from a social experiment with 100 of Jamie Amelia Patel’s clients who particularly favoured mined diamonds. It was an opportunity for her to address the misconceptions about diamonds grown above ground. Each person received a lab-grown diamond bracelet, strung on a clear thread to represent the invisible threads that connect technology and nature. They were to report back their views on lab-grown diamonds; 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. The jewellery has a simple aesthetic and represents the industry’s transparency, as well as The Diamond Labs’ commitment to educating consumers on mindful stones and sustainable practices of jewellery making.
Due to the confusing and contradictory information currently reported on lab-grown diamonds, Jamie Amelia Patel sets out for the brand to be more than just another jewellery retailer. Instead, The Diamond Lab will be an enterprise focused on providing immersive education about lab-grown diamonds whilst people shop.
Joining the brand’s mission is David Duncan-Smith, former managing director of Prada UK and Louis Vuitton UK. David will take the title, Non-Executive Chairman at The Diamond Lab. His role will be to guide and advise the luxury brand as it embarks on its retail journey.
David Duncan-Smith, Non-Executive chairman at The Diamond Lab said; “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 with 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 of luxury retail experience to advising and helping Jamie and the team in building an important new brand on the world stage.”
James Shulman, Investor at The Diamond Lab said; “I am incredibly excited to be involved in The Diamond Lab. While laboratory-grown diamonds are clearly a disruptive and explosive sector, my main incentive is to work with Jamie Patel and her team as she becomes the market leader with a dynamic vision. Jamie’s expertise, energy and drive make this a fantastic investment opportunity.”
The Diamond Lab is currently available online and appointments can be made to view and learn about the jewellery at Selfridges London.