LVMH is now offering its clients high-end watches and jewelry made using lab-grown diamonds — the first time the French luxury brand is making use of artificial diamonds in products sold to its top-end clientele.
In recent weeks, private clients visiting the brand’s Paris flagship store on Rue de la Paix have been shown products designed using blue lab-grown diamonds — a nod to the LVMH founder’s nautical roots — surrounded by natural, white diamonds.
One such piece is a $255,000 necklace that sports a half-carat blue-grown diamond, which, according to the brand, was developed after years of research.
LVMH’s decision to incorporate lab-grown diamonds into its high-end products follows similar efforts by Tag Heuer, which CEO Federico Arnault heads. Earlier this year, the luxury brand began offering a $90,000 watch featuring a 1.3-carat lab-grown pink diamond in the crown.
While it remains to be seen whether other LVMH Maisons will embrace lab-grown alternates, the company is, for now, taking a measured approach to expanding its usage.
“Is it a long-term trend that we could develop elsewhere? It’s too early to say,” said LVMH CFO Jean-Jacques Guiony, adding that the company plans to carefully weigh and assess the viability of using lab-grown diamonds.
In July 2022, LVMH also led a $90 million investment round in lab-grown diamonds startup Lusix.
That said, LVMH is far from the only player looking beyond natural diamonds. Jewelry brands such as Pandora and Signet also offer products that utilize alternates to natural diamonds. Last month, Pandora CEO Alexander Lacik revealed that sales of lab-grown diamonds were helping the company turn a profit.