Frederick Goldman acquires Love Earth
One of the biggest jewelry manufacturer and marketer in US – Frederick Goldman Inc. has announced acquisition of Lab-grown Diamond bridal and fashion jewelry brand – Love Earth. After studying and crafting its entry strategy for over a year, purchase of Love Earth brand expedited Frederick Goldman’s plan to enter into the rapidly expanding Lab-grown Diamond business.
While the financial details of the deal remain undisclosed, Love Earth’s Founder – Dan Schneider has joined Frederick Goldman as VP Sales. In parallel, the company is also building a separate facility to manufacture Lab-grown diamond jewelry. Love Earth collection is expected to be in stores by June 2019.
Former Shinola President Jacques Panis is building New World Diamonds
After turning Shinola/ Detroit LLC from an old shoe polish to a much sought after high-end watch, bicycle and leather goods brand, former President Jacques Panis is aiming to repeat the feat with Troy-based Lab-grown diamond startup – New World Diamonds LLC.
Parent company of New World Diamonds – Combine International Inc. and its Founder Shrikant Mehta, roped in Jacques in July last year as its CEO, and Chris Quezada – former Digital Art Director at Shinola as Creative Director at New World Diamonds, to leverage their experience of building brands, marketing and driving business growth.
Combine International spend 4 years perfecting its Lab-grown diamonds before launching New World Diamonds. The company used CVD (Chemical Vapor Deposition) tech and the process takes between 6 to 10 weeks to yield gem-grade Lab-grown diamonds. According to Jacques, New World Diamonds cost 40 – 60 percent less than mined diamonds.
New World Diamonds have also talked about future possibility of doing business together with WD Lab Grown Diamonds, which received an investment of around USD 80 Million last year from PE firm Huron Capital Partners LLC for a significant equity stake.
Apart from being cheaper and conflict-free, one of the distinguishing factors of Lab-grown Diamonds is their Environment friendly characteristic. However, many old-school thought critics are questioning this.
But as Alan Frampton – Jewelry Director at Creddescribes, “According to a study by Princeton University the carbon footprint of a lab grown is 18-22% of a mined diamond. Some manufacturers are now carbon neutral.”