Australian accessible luxury jeweller By Charlotte has launched a new lab-grown diamond collection ‘In Bloom’, targeting a growing global market.
In Bloom includes a range of necklaces, bracelets, rings and earrings featuring marquise-cut GH-SI lab-grown diamonds and natural freshwater pearls, set in 14k gold by a certified member of the Responsible Jewellery Council and SCS Global Services in Thailand.
Prices range between $229 to $639.
According to the jeweller, the lab-grown diamond market has been experiencing exponential growth, driven primarily by the ethical and sustainable preferences of millennials and young consumers.
Allied Market Research reported that the lab-grown diamond market globally is expected to double its 2021 value to $55.6 billion by 2031.
In 2022, demand for lab-grown diamond jewellery increased by an estimated 38%, surpassing 10% of total global diamond jewellery sales for the first time, as reported by industry analyst Paul Zimnisky.
“Our recent growth is a testament to our commitment to evolving with changing market trends and listening to our customers,” By Charlotte founder Charlotte Blakeney said.
“We know that more than 70% of millennials prefer lab-grown diamonds over earth mined ones; they can purchase a largersized diamond for the same price, and, more importantly, they value the ethical and environmental benefits.
“My vision is to ensure that our heirloom pieces are accessible to all our customers for any moment or milestone."
By Charlotte reported a 280% growth in online sales since 2019. It operates a flagship store in Sydney, and has over 30 stockists in Australia - including David Jones and The Iconic - over a dozen in New Zealand, and one in the United States.