Jewelry brand The Diamond Lab has raised £450,000 (approximately $573,000) in funding to open a new flagship store on New Bond Street in London.

The investment round, which investor James Shulman led, marks the first time the company has raised funding so far. 

Jamie Amelia Patel launched the company to serve consumers who prefer lab-grown alternates over mined diamonds and increase awareness. It started with 100 of Patel’s clients, who were all sent a lab-grown diamond bracelet strung on a clear thread and asked to report back with their views on it. The response from each client was positive, with all of them requesting to purchase it.

The company now sells the bracelet under its Lab 100 collection.

“The Diamond Lab is shaking up the traditional norms of the luxury industry by deeply understanding the demands of upcoming luxury consumers,” Patel said. “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 company is forecasting £3.8 million in sales in its first year, driven by eCommerce channels, the launch of its London flagship store in November 2023, and several brand partnerships, including one with Selfridges London.

The brand also plans to add its diamonds to three existing collections, including the Selfridges Yellow Diamond line, and focus on educating consumers about the value of buying lab-grown diamonds.

As The Diamond Lab charts its growth trajectory, it has named David Duncan-Smith, former managing director of Louis Vuitton U.K. and Prada U.K., as its non-executive chairman. 

“Jamie Patel is a visionary in the luxury jewelry sector,” Duncan-Smith said. “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 jewelry 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,” he added.