In a struggling Indian mid-stream diamond sector, Lab-grown diamonds offer hope
Hari Krishna exports – an Indian diamond manufacturer, have been in the news since past few years owing to the lavish gifts it gave to its employees during Diwali time – from apartment flats, cars to jewelry. However, this year the company is not going to offer any such gifts.
According to the company’s chairman – Savji Dholakia “This recession is worse than the one we experienced in 2008. When an entire industry is in doldrums, how can we afford to offer gifts? We are more concerned about protecting the livelihood of diamond workers.”
Employees of Hari Krishna Exports are not alone. More than 500,000 workers in India’s mid-stream diamond sector (diamond cutting and polishing), primarily in Surat, will not get any Diwali bonus this year, as a major slowdown hits the market.
In such a scenario Lab-grown diamonds have already come to rescue of India’s diamond value chain. Around 10 percent of diamond processing units in Surat are now cutting Lab-grown diamonds. Even though comprising less than 4 percent of global industry, Lab Grown Diamonds supporting 10% of Surat’s units and being profitable is being hailed by many as a hope and an opportunity to revive the industry.
Former Executive of De Beers joins ALTR Created Diamonds
After working for more than a decade at De Beers including 6 years as CFO for Diamond Trading Company (DTC), seasoned executive Richard J. Whitby has joined ALTR Created Diamonds – a leading Lab-grown diamond company, as its CFO. Leveraging Richard’s global experience and expertise in marketing, supply chain, sales and distribution operations and finance, ALTR Created Diamonds has augmented and strengthened its leadership team.
Richard says “I’m thrilled to make the move to ALTR… Lab-grown diamonds are a major innovation that is breathing new life into the diamond industry, and I look forward to applying my expertise to the future of this field at this exciting time.”
As ALTR continues its global expansion, Richard – a B.Sc. with Hons. In Biology and a qualified Chartered Accountant, is expected to play a major role in the company’s future growth.
WD Lab Grown Diamonds appoints new CEO
Lab-grown diamond manufacturer – WD Lab Grown Diamonds, in which PE firm Huron Capital invested last year, has successfully completed transition of its leadership from Founder Clive Hill by appointing a new CEO – Sue Rechner. Spanning her career in watch and jewelry, luxury goods and consumer products, Sue was the President and CEO of Confluence Outdoors for 10 years, President of Victorinox Swiss Army and CEO of Victorinox Swiss Army Watch, apart from holding leadership positions in Movado, Seiko, Citizen and Frederick Goldman, before joining WD Lab Grown Diamonds. Clive will continue to remain an active board member and significant shareholder in WD.
Lark and Berry featured twice in UK royal couple’s book
London-based luxury Lab-grown diamond jewelry brand – Lark and Berry has been featured twice in ‘Our Royal Baby’ book, which commemorating the birth of baby Archie – Prince Harry and Duchess Meghan Markle’s first child. Written by royal correspondent Robert Jobson, the book celebrate the royal couple’s journey from romance to parenthood. Company’s Founder Laura Chavez has also been featured in the book, with acknowledgement of Duchess Meghan Markle’s role in spotlighting sustainable brands.