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Lab Grown Diamonds - Exploding Idea
PLUS - an exploding trend and great booming ideas
Eric from ExplodingIdeas
September 17, 2023
Happy Sunday,
So the results last week for the business support community poll were overwhelmingly positive.
94% of you voted “yes”. I’m going to start to think about how we can do this effectively. Some of you have suggested a Discord community, some said Slack. I want to make sure it doesn’t feel crowded. I'd love it if we could make it so we could do breakout rooms where we have mini groups within the main group. It could be cool to have a maximum of 5-7 people in each group so that we can really make connections and help each other.
Do you have any ideas? Is this possible? (Click reply and let me know)
Now let’s get into it…
In this week's Exploding Ideas
This weeks exploding idea: Lab Grown Diamonds are booming
New business ideas: 3 Lab Grown Diamond businesses you can build
Here’s what I’m reading: 2 newsletters and 1 book I’m reading this week to level up my skills
👉Want access to the Ideas Database? Click here (link).
Read time: 3 min 20 sec
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Exploding Idea: Lab Grown Diamonds
Historically, the diamond industry has revolved around the allure of natural diamonds, celebrated for their rarity and prestige.
But a new trend is emerging: Lab Grown Diamonds.
Lab-grown diamonds are gems created in controlled laboratory environments using advanced technological processes, possessing the same attributes as natural diamonds.
Renowned designers like Jean Dousset, a descendant of Louis-François Cartier (Founder of Cartier), are at the forefront of this shift.
Dousset champions the quality, clarity, and color of lab grown diamonds, and is pivoting his business to lab grown diamonds.
Instead of being constrained by the limitations of natural diamonds, lab-grown diamonds offer:
Ethical Sourcing: Bypassing the moral challenges associated with traditional mining.
Cost Efficiency: An engagement ring that would usually cost $50,000 with a natural diamond might only cost $8,000 if lab-grown.
While companies like De Beers advocate for natural diamonds, there's an inherent bias. Holding a near-monopoly in the natural diamonds market, a pivot to lab grown diamonds could disrupt their historical business.
Lab-grown diamonds represent a potential goldmine for contrarians. The distinction between the negative perspectives of traditionalists vs. the positive perspectives of younger consumers in this market offers significant business opportunities.
Learn how to monetize this trend in the Deep Dive (link here)
Business Idea #1
Name: DiamondTrace
Industry: Lab-Grown Diamond and Jewelry
Problem: The lab-grown diamond industry, despite its rising popularity, is relatively new. There is a significant gap in the market when it comes to the transparency, traceability, and authenticity of these diamonds. Customers, now more than ever, value transparency and want to know the origins, processes, and ethical standards associated with the products they purchase.
Solution: DiamondTrace will be an online platform that offers a transparent traceability solution for lab-grown diamonds. It will partner with producers of lab-grown diamonds to track every stage of the diamond's lifecycle — from its creation in the lab to its final sale to the customer. Each diamond will have a unique identifier, and customers can use DiamondTrace to view the entire history of their stone, including the lab it originated from, the processes used, and any certifications it has received.
Competitive Advantage: While there are traceability solutions for natural diamonds, the lab-grown diamond sector is relatively underserved. DiamondTrace's advantage lies in its singular focus on lab-grown diamonds. By collaborating directly with producers, the platform ensures the authenticity and accuracy of the information provided. The educational angle will position DiamondTrace not only as a verification platform but also as a trusted source of information in the industry.
Business Idea #2
Name: GemRent
Industry: Lab-Grown Diamond and Jewelry
Problem: As lab-grown diamonds gain traction among ethically-conscious and budget-aware consumers, there is an increasing desire to access unique and high-quality jewelry pieces for special occasions without the commitment of a purchase. Consumers want flexibility and variety in their choices, but the jewelry rental market has yet to fully capitalize on the lab-grown diamond trend.
Solution: GemRent will be an online platform that specializes in renting out premium lab-grown diamond jewelry. Think of it as the "Rent the Runway" for lab-grown diamond jewelry. Customers can select from a variety of curated pieces, from necklaces to rings, for their events or occasions. After use, they simply return the piece, allowing them to sport different high-quality items without the repetitive financial outlay.
Competitive Advantage: The rental model in the fashion industry has proven successful, but its application to the lab-grown diamond sector is innovative. By focusing on lab-grown diamonds, GemRent taps into a growing market of consumers who are environmentally and ethically conscious. The rotating wardrobe concept, applied to jewelry, allows consumers to have a fresh and varied jewelry collection for different occasions without a large investment.
Business Idea #3
Name: GemBox
Industry: Subscription-Based Jewelry Retail with Lab-Grown Diamonds
Problem: Consumers seek variety and ethical options without having to amass a collection of items they might wear infrequently. Simultaneously, local jewelers often find it challenging to tap into younger markets that prioritize sustainability, given the traditional industry's emphasis on rare, expensive, and sometimes unethically sourced stones.
Solution: GemBox operates as a subscription-based jewelry rental service where consumers can rent lab-grown diamond jewelry pieces for occasions or everyday wear. Every month, subscribers receive a curated box with a selection of lab-grown diamond jewelry, offering them an ever-changing wardrobe of ethical, high-quality pieces without the commitment of purchase. Once the month ends, they can choose to purchase a piece at a discounted rate or return the items to receive a new selection.
Competitive Advantage: By partnering with established jewelers, GemBox taps into existing inventories and design expertise, ensuring that the pieces offered are of high quality and follow current trends. Jewelers benefit by accessing a younger, ethically-conscious market, and by rotating their inventory, they can gather data on which pieces are most popular or in-demand. This feedback loop can be invaluable for future designs and inventory decisions.
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📚What I’m Reading
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