The next big disruption in jewellery might be lab grown diamonds.
What’s happening:
- Lab grown diamond startup Pascal has landed $2.5M USD from iconic Silicon Valley venture capital fund a16z
The big idea:
- Pascal manufactures synthetic diamonds that are significantly less expensive than natural diamonds and don’t cause the carbon emissions that are often a consequence of traditional diamond mining
Why it matters:
- Lab grown diamonds are also removed from conflict zones and are not reliant on parts of the world where child labour and other ethical violations are rampant, which has been an ongoing challenge for diamond producers globally
By the numbers:
- Lab grown diamonds are typically able to be produced for about 40% less than the costs of diamonds which are mined from the Earth
- Pascal has publicly stated they are anticipating to do between $20-$30M USD in revenue this year alone
Going deeper:
- Pascal currently produces lab grown diamonds for rings, earrings, necklaces and watches
