The Diamond Lab bags Series A funding as UK startup preps physical retail debut in London

UK jewellery brand, The Diamond Lab, has secured £450,000 of funding.

Steered by founder Jamie Amelia Patel, the London-based business, self-funded up until this point, has secured its first round of private financing; a £450,000 Series A, led by investor James Shulman.

Patel has forecasted £3.8 million in sales during its first year through international e-commerce, a London flagship store, and several brand partnerships due to be announced in the coming months.

The company will open its immersive bricks and mortar store located on New Bond Street by November.

Further lab grown diamond jewellery designs will also add to its three existing collections, including the exclusive Selfridges Yellow Diamond line.

Patel says: “The Diamond Lab is shaking up the traditional norms of the luxury industry by deeply understanding the demands of upcoming luxury consumers. We aim to cultivate a space that encourages significant dialogues on earth kind diamonds and the future of eco-luxury.”

“Not only am I eager to start discussions about diamonds, but I am also passionate to educate customers on the process of seed to diamond.”

The Diamond Lab was born from a social experiment with 100 of Patel's clients who particularly favoured mined diamonds. It was an opportunity for her to address what she views as the misconceptions about diamonds grown above ground.

Each person received a lab grown diamond bracelet, strung on a clear thread to represent the invisible threads that connect technology and nature. They were to report back their views on lab grown diamonds; every single client requested to purchase one, Patel says.

 These bracelets now sit as a collection in The Diamond Labs offering and have since been named LAB100.

Joining the brand's mission is David Duncan-Smith, former Managing Director at Prada UK and Louis Vuitton UK. He will take the title, Non-Executive Chairman. His role will be to guide and advise The Diamond Lab as it embarks on its retail journey. 

Duncan-Smith says: “Jamie is a visionary in the luxury jewellery sector. This, at an important moment in time, will take the consumer on an exciting, disruptive yet respectful change of pace with the advent of lab-grown diamonds joining the global retail experience of diamond jewellery designs.”

“The Diamond Lab prepares to do so whilst appreciating and understanding the importance in today’s world of eco-luxury, linking ecological balance within the pursuit of environmental sustainability.”

“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.”

James Shulman, Investor at The Diamond Lab, says: “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.”