The French jeweller offers to millennials a new kind of diamonds, which were grown at the laboratory. The trend on such precious stones is rising among the young people, for whom ethics and the ecology are major considerations, Springwise reported.
The Place Vendôme, a prestigious square in Paris, is now hosting to its first jeweller to use only lab-grown diamonds (LGDs). The firm Courbet was founded less than a year ago by veteran from jewellery. Manuel Mallen used to work at Piaget and Marie-Ann Wachtmeister, now he runs his own LGD business at the heart of Paris, Vendôme square, which embodies chic and elegancy, old money and traditions.
The lab-grown diamonds, or fast-diamonds, are becoming increasingly popular in the wave of “conscious luxury”. Such ethical stones are just disrupting the traditional diamond industry. The point is the younger generations of jewellery buyers prefer modern accessories, which reflects their spirit. Old-fashioned jewellery doesn’t reflect millennials’ personal and moral values.
The extraordinary Courbet aims to make LGDs even more appealing by elevating its quality and design. In fact, their stones are certified (unlike its major counterplayers), the designs are modern, minimalist and sleek, and they are set in recycled gold. As simple as genial, actually.
It is important to note that Courbet’s stones are sourced from laboratories in France and Russia, which maintain tighter regulations than in most Asian countries.
Of course, the price of these diamonds is significantly cheaper than natural ones. While natural diamonds are limited resources, LGDs are not. As of March, Courbet’s jewellery prices range from €700 to €30,000 based on production costs, rather than on a scale linked to natural diamond prices.
LGD jewellery market is growing as fast as steadily
As the diamond sector experts say, the LGD jewellery market is forecast to grow by 22 per cent annually, reaching €3bn by 2023 and €8.6bn by 2035.
While LGDs carry an air of sustainable superiority, their eco-friendly attributes are difficult to substantiate. It is hard to regulate working conditions and environmental standards at factories in Asia, considerable energy is needed to grow these diamonds, and many facilities do not have access to renewable energy sources.
It seems that at the moment, these sustainable diamonds must be reviewed on a case-by-case basis.