Lab-grown diamond retailer Grown Brilliance has expanded its presence in the market by acquiring the assets of two prominent e-commerce rivals, Clean Origin and Aether Diamonds.
Financial details of the transaction were not disclosed.
Consolidation in the Lab-Grown Diamond Market
The purchase of Clean Origin and Aether Diamonds by Grown Brilliance reflects the increasing trend of consolidation in the lab-grown diamond sector. Tejas Shah remarked on this development, suggesting that further mergers and acquisitions could occur, driven by ongoing price trends in the market.
The acquisition also bolsters Grown Brilliance’s retail footprint. Clean Origin’s six brick-and-mortar stores will be rebranded as Grown Brilliance locations, bringing the company’s total physical retail presence to 14 stores. However, Clean Origin’s online platform will continue to operate under its existing name, maintaining its separate brand identity in the digital space.
Expansion into Carbon-Negative Diamonds
Aether Diamonds, known for its unique approach to diamond creation, will also see changes under Grown Brilliance’s ownership. Aether’s website will remain live, primarily for educational purposes, while Grown Brilliance plans to incorporate Aether’s carbon-negative diamonds into its offerings. These diamonds are made using carbon extracted from the air, offering an alternative to conventional lab-grown diamonds. This addition aligns with the growing interest in sustainable products among consumers.
Background on the Acquired Brands
Founded in 2017, Clean Origin was an early player in the lab-grown diamond e-commerce market. Co-founded by Alexander Weindling and Ryan Bonifacino, it gained attention with Terry Burman, former CEO of Signet Jewelers, joining as an advisor. In 2022, Titan Co. invested $20 million in its parent company, Great Heights.
Aether Diamonds, co-founded by Ryan Shearman, developed a method for converting atmospheric carbon into diamonds. It was recognized by Time magazine as one of the ‘Best Inventions of 2022.’ After the acquisition, Shearman now leads Loa Carbon, which will focus on broader commercial applications of this technology.
Implications for the Jewelry Industry
This acquisition reflects ongoing changes in the lab-grown diamond industry, particularly with consolidation and new technologies. For jewelers, these developments may indicate shifts in market dynamics. Carbon-negative diamonds may attract consumers interested in sustainability, and Grown Brilliance’s expanded retail footprint could introduce more competition.
