02 July 2024

Ultra-Wealthy Buying Lab Growns, says Dubai Jeweler Floral Elegance (FZE-S-672) Lab-Grown Diamond Earrings | Unveiling Timeless Beauty

By Fzami Diamonds

(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 annually - 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-grown came after the 2022 Netflix documentary Nothing Lasts Forever.
He says that within a month of its broadcast, demand for lab-grown flipped from 5-10 percent to 80-90 percent.
"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 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."