The Diamond Lab secures funding as it looks ahead to opening flagship London store
Self-funded jewellery brand The Diamond Lab has secured its first round of private financing as it looks to expand onto the high street whilst educating customers about lab-grown diamonds.
The London-based luxury brand has secured £450,000 in Series A funding in a round led by investor James Shulman. In a statement, the brand said it attracted multiple investors who saw the opportunity for expansion.
Led by founder Jamie Amelia Patel, The Diamond Lab launched into Selfridges earlier this year.
Patel has forecast £3.8 million in sales during the company’s first year through international ecommerce, a London flagship store, and several brand partnerships that are due to be announced in the coming months.
The brand has chosen London’s New Bond Street for the opening of its first bricks-and-mortar store which will launch by November. It is also planning to add further lab-grown diamond jewellery designs to its existing three collections. These include the exclusive Selfridges Yellow Diamond line.
The Diamond Lab has recently appointed David Duncan-Smith, the former managing director of Prada UK and Louis Vuitton UK, as as its non-executive chairman.
Duncan-Smith said: “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 luxury retail experience to advising and helping Jamie and the team in building an important new brand on the world stage.”
Shulman added: “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.”
Photo credit: Matt Jones, The Snapshot People Ltd.
