![[INTERVIEW] Korean market embraces lab-grown diamonds 3 Rings made with lab-grown diamonds / Courtesy of Novita Diamonds](https://newsimg.koreatimes.co.kr/2025/01/13/b7214be3-252d-4dc5-be59-0ebe7183e9b0.jpg)
Rings made with lab-grown diamonds / Courtesy of Novita Diamonds
The worldwide diamond market is present process a transformative shift, with lab-grown diamonds rising as a formidable drive. This shift is especially evident in Korea, the place these ethically sourced and cost-effective gems are rapidly gaining recognition, carving out a distinct segment within the marriage ceremony and anniversary jewellery sectors, based on Iris Arnold, CEO and founding father of the U.Okay.-based jewellery firm Novita Diamonds.
![[INTERVIEW] Korean market embraces lab-grown diamonds 4 Iris Arnold, CEO and founder of jewelry company Novita Diamonds / Courtesy of Novita Diamonds](https://newsimg.koreatimes.co.kr/2025/01/13/11522ebb-d348-46c1-8df3-c3651c5f585a.jpg)
Iris Arnold, CEO and founding father of jewellery firm Novita Diamonds / Courtesy of Novita Diamonds
“Lab-grown diamonds are undoubtedly a sport changer within the jewellery trade. They’re revolutionizing the market by making diamonds extra accessible and aligning with shopper values round sustainability and ethics,” Arnolds informed The Korea Instances in a current written interview.
She stated, nonetheless, the which means of the diamond — a pledge of everlasting love — won’t ever fade.
“The intrinsic worth of diamonds as symbols of affection, dedication, and eternity stays unchanged. Whether or not lab-grown or mined, the importance of a diamond lies within the feelings and recollections it represents, not simply its origin,” the CEO stated.
Korea holds a novel place within the world jewellery market. Diamonds have lengthy been integral to key life occasions, equivalent to weddings and anniversaries, symbolizing love and dedication. Nonetheless, with rising financial pressures and a rising consciousness of moral considerations surrounding conventional diamond mining, Korean customers are more and more turning to lab-grown options.
Reshaping jewellery market
Lab-grown diamonds are artificial gems created utilizing equipment, possessing the identical optical, bodily, and chemical properties as pure ones.
For the reason that 2010s, developments in lab-grown diamond manufacturing know-how have enabled the creation of the gems in varied shapes, sizes and colours appropriate for jewellery. In the present day, many manufacturers and producers worldwide make the most of lab-grown diamonds of their jewellery collections.
This development displays a broader world phenomenon.
In accordance with Zola, a U.S.-based marriage ceremony service firm, the typical value of a marriage in America is projected to achieve $36,000 by 2025, up from round $29,000 in 2023, prompting {couples} to search for cheaper options.
![[INTERVIEW] Korean market embraces lab-grown diamonds 5 Iris Arnold, CEO and founder of jewelry company Novita Diamonds / Courtesy of Novita Diamonds](https://newsimg.koreatimes.co.kr/2025/01/13/2a130ba1-d574-454e-8edc-77d7a5350452.jpg)
Iris Arnold, CEO and founding father of jewellery firm Novita Diamonds / Courtesy of Novita Diamonds
On this state of affairs, lab-grown diamonds could be a compelling reply, usually priced considerably decrease than mined diamonds of comparable high quality, generally by as a lot as 70 p.c.
“They provide similar brilliance and sturdiness to mined diamonds at a fraction of the associated fee, making them a lovely alternative for price range acutely aware customers, particularly throughout instances of financial uncertainty,” the CEO stated.
Recognizing the burgeoning demand for sustainable and inexpensive jewellery choices, Novita Diamonds entered the Korean market in 2022. Whereas circuitously producing lab-grown diamonds, Novita Diamonds companions with respected producers globally to make sure high-quality merchandise.
Since then, the corporate has rapidly turn out to be a acknowledged identify within the Korean jewellery market.
“We entered the Korean market in December 2022, recognizing the rising demand for moral and inexpensive options within the jewellery trade. Though particular market share knowledge is delicate, we’re quickly changing into a trusted identify for lab-grown diamonds in Korea, due to our in depth vary of kinds, aggressive pricing and a give attention to customer support,” the CEO stated.
![[INTERVIEW] Korean market embraces lab-grown diamonds 6 A model poses with jewelry pieces made with lab-grown diamonds from Novita Diamonds. Courtesy of Novita Diamonds](https://newsimg.koreatimes.co.kr/2025/01/13/8120c886-f113-425a-81ae-6430a12cf8b3.jpg)
A mannequin poses with jewellery items made with lab-grown diamonds from Novita Diamonds. Courtesy of Novita Diamonds
Moral, sustainable attraction
Lab-grown diamonds at the moment account for round 30 p.c of worldwide diamond gross sales, a determine Arnold predicts will surpass 50 p.c inside the subsequent 5 years.
This shift alerts a elementary change within the jewellery trade, pushed by technological developments which have made diamond manufacturing extra environment friendly and inexpensive.
“Wanting forward, the way forward for the jewellery market, together with diamonds, will proceed to evolve with know-how and shopper preferences,” she stated. “As consciousness grows, we anticipate lab-grown diamonds will acquire a fair higher share of the market, making a extra clear and moral trade whereas preserving the timeless attract of diamonds.”
The CEO highlighted the attraction of lab-grown diamonds, noting that they resonate with the rising emphasis on sustainability and moral sourcing in Korea.
„Not like mined diamonds, lab-grown diamonds keep away from the environmental degradation and labor rights points usually related to conventional mining. That is significantly interesting to youthful generations who prioritize moral and sustainable decisions,“ she stated.
“In Korea, the place jewellery symbolizes vital life occasions like weddings and anniversaries, lab diamonds enable customers to keep up custom whereas embracing trendy values and affordability.“
So as to increase its market share within the Korean market, the corporate is increasing gross sales channels, that are concentrated within the capital Seoul, to the bustling southern port metropolis of Busan inside this 12 months.
“To strengthen our presence, we’re dedicated to elevating consciousness about the advantages of lab-grown diamonds by means of instructional campaigns, partnerships with native manufacturers, and an increasing on-line and bodily showroom presence with the opening of our Busan showroom in the midst of 2025,” Arnold defined.