Ultra-Wealthy Buying Lab Growns, says Dubai Jeweler
January 08, 24
(IDEX Online) - Even wealthy clients, who can readily afford natural diamonds, are buying lab growns, says the founder of a luxury jewelry brand in Dubai.
Fergus James says he sells high-end lab-grown diamond bracelets to wealthy socialites, influencers and Premier League footballers.
He says one client, an ultra-high net individual from India, spends over $500,000 a year - all on lab grown rather than mined diamonds.
Fergus, who runs Fergus James, formerly known as Dubai Rocks, says the surge of interest in lab growns came after the 2022 Netflix documentary Nothing Lasts Forever.
He says that within a month of it first being broadcast demand for lab growns flipped from 5-10 per cent to 80-90 per cent.
"What came through very quickly was that it wasn't what the diamond industry was anticipating in terms of the general demographic or customer profile they anticipated would buy it," he told Arabian Business.
"It has actually transpired that the customer profile is just completely non-discriminatory. It's everyone! Even people who've got money, they can afford to buy whatever they wanted."
Pic courtesy Fergus James