A spate of South Korean laboratory-grown jewelry brands launched this year are gaining traction among high-end consumers at department stores, resulting in strong sales. Lab-grown diamonds are diamonds grown in a laboratory environment, replicating the natural conditions under which diamonds are formed.
According to Korea Diamond Trades Co. (KDT) on Sunday, ALOD, a jewelry brand specializing in lab-grown diamonds, achieved average monthly sales of 110 million won ($84,181) from its store that opened at Hyundai Department Store in Samseong-dong, southern Seoul, in March.
Strong sales were attributed to the department store’s VIP customers, the brand said. ALOD held private classes dedicated to them. “The main customer base of our store mainly consists of those in their late 30s to late 50s,” said an ALOD official. “Customers who have experience purchasing diamonds are showing interest in lab-grown diamonds as they are reasonably priced and diverse in design.
Lab-grown diamonds are physically, chemically, and optically identical to natural diamonds. They can only be identified with high-end precision equipment. Prices, however, are 30~40 percent lower than natural diamonds.
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