Etika Jewels, a company based in the United Arab Emirates, has partnered with Diamond Foundry, a company based in California and supported by actor Leonardo DiCaprio. As an addition to its current collection of lab-grown diamonds, Etika claimed the relationship will enable it to sell carbon-neutral lab-grown diamonds. According to a Fast Company story, this new line of diamonds would be produced in the US.
Basma Chaieri established Etika Jewels in 2022 with the goal of promoting eco-friendly jewellery in the area. She wants to use technology to close the gap between luxury and sustainability.
Martin Roscheisen and Jeremy Scholz created Diamond Foundry in 2012, and well-known companies like Google, Sun Microsystems, Tony Fadell, the inventor of the iPod, Evan Williams, the co-founder of Twitter, and Leonardo DiCaprio have invested in the company.
Although lab-grown diamonds have been used since the 1950s, their imperfections have prevented them from being used in excellent jewellery. However, this trend is shifting as technology closes the gap between lab-grown diamonds and genuine cut diamonds.
According to a survey by Allied Market Research, the size of the global market for lab-grown diamonds is anticipated to reach $49.9 billion by 2030, growing at a 9.4% compound annual growth rate (CAGR) between 2021 and 2030.
In San Francisco, California, the United States, Diamond Foundry manufactures lab-grown diamonds. As they do not require the extraction and processing of diamonds from the earth, Diamond Foundry asserts that their lab-grown diamonds are more environmentally sustainable and of comparable quality to natural diamonds.
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