RESEARCH TRIANGLE PARK — Jewelry distributor and manufacturer Charles & Colvard is expanding into lab-grown diamonds.
This week, the Raleigh-based firm who specializes in “lab-created” gems has launched its own exclusive brand or premium lab-grown diamonds.
Called Caydia, the diamonds are available in E, F and G color grades, and includes round brilliant, oval and cushion cuts in optimal carat weights.
“This is a pivotal moment,” said its CEO and president Don O’Connell. “We believe this addition will allow us to tap into the estimated $5.2 billion lab created diamond opportunity, thus capturing greater market share.”
A lab-created diamond is “grown” inside a lab using cutting-edge technology that replicates the natural diamond growing process beneath the Earth’s crust.
The result: a man-made stone with exact the physical and chemical properties of a mined diamond.
The Robb Report estimated that lab-grown diamonds sales reached around $420 million last year. That’s almost 3% of the $14 billion annual diamond market.
Founded in 1995, Charles & Colvard recently debuted a moissanite gemstone brand Forever OneTM, in 2015. Made from the mineral silicon carbide, moissanite is commonly used as a diamond alternative in jewelry due to its shimmering appearance, durability, and lower price tag.
The company said it believed that the addition of lab-grown diamonds is a natural progression for the company.