Lab-GrownJun 02, 2022
Pnina Tornai’s New Bridal Collection Features Lab-Grown DiamondsLab-GrownJun 22, 2022
LVMH Luxury Ventures Sinks Money Into Lab-Grown Diamond Start-Up
LVMH’s investment arm has taken a stake in Lusix, a lab-grown diamond company based in Israel.
Lusix held a press conference at its booth at JCK Las Vegas on June 10 to announce a $90 million round of funding that includes support from LVMH’s investment arm, LVMH Luxury Ventures. Lusix founder Benny Landa is pictured at center. (Photo courtesy of Lusix)
Las Vegas—A big name in luxury has just made an investment in lab-grown diamonds.
During the JCK Las Vegas show, Israeli company Lusix announced completion of a $90 million round of funding, with LVMH Luxury Ventures, LVMH’s private equity arm, as the most prominent investor.
Lusix’s diamonds are grown using the chemical-vapor deposition (CVD) process in factory located outside Tel Aviv that runs on solar power exclusively.
During a press conference held at the company’s booth at JCK Las Vegas, inventor and Lusix founder Benny Landa said the diamonds are the highest quality lab-grown diamonds in the industry.
He said Lusix is able control the shape of the diamond during the growing process—creating stones such as the company’s trademarked Pyramid Diamonds—and to grow them in different colors. (Lab-grown diamonds normally are treated after growth to give them their color.)
They also are “carbon negative”—Lusix’s solar farm produces more power than the factory consumes, Landa said—and are certified as “sustainable” by SCS Global Services, traits that appeal to today’s consumers, many of whom are concerned about climate change.
“They (consumers) won’t buy products that aren’t consistent with their values,” he said.
Related stories will be right here …
During the JCK Las Vegas show, Israeli company Lusix announced completion of a $90 million round of funding, with LVMH Luxury Ventures, LVMH’s private equity arm, as the most prominent investor.
Lusix’s diamonds are grown using the chemical-vapor deposition (CVD) process in factory located outside Tel Aviv that runs on solar power exclusively.
During a press conference held at the company’s booth at JCK Las Vegas, inventor and Lusix founder Benny Landa said the diamonds are the highest quality lab-grown diamonds in the industry.
He said Lusix is able control the shape of the diamond during the growing process—creating stones such as the company’s trademarked Pyramid Diamonds—and to grow them in different colors. (Lab-grown diamonds normally are treated after growth to give them their color.)
They also are “carbon negative”—Lusix’s solar farm produces more power than the factory consumes, Landa said—and are certified as “sustainable” by SCS Global Services, traits that appeal to today’s consumers, many of whom are concerned about climate change.
“They (consumers) won’t buy products that aren’t consistent with their values,” he said.
At its booth at JCK Las Vegas and on its website, Lusix uses the tagline “Sun Grown Diamonds,” a phrase it has trademarked, though its future viability in the U.S. market remains unclear.
Under the Federal Trade Commission’s Jewelry Guides, which were updated in 2018, sellers of lab-grown diamonds must make it clear that their product is man-made.
It recommends using one of three terms to do so: laboratory-grown, laboratory-created or [manufacturer name]-created. The word “cultured” can be used too, but must be “immediately accompanied, with equal conspicuousness” by one of these three terms, according to the FTC.
“Sun Grown Diamonds,” with no mention of Lusix or the word laboratory, does not appear to fit within the FTC’s guidelines, though a Lusix spokesperson told National Jeweler on Tuesday that the company has asked the FTC to review its new tagline, which Lusix believes will stand.
If not, Lusix will modify as the FTC recommends, she added.
The one-of-a-kind “Carrera Plasma,” the 44 mm watch set with lab-grown diamonds TAG Heuer introduced at Watches & Wonders Geneva earlier this year. Lusix supplied some of the diamonds to the LVMH-owned brand.
In addition to LVMH, the $90 million in funding included investment from Israel-based companies Ragnar Crossover Fund and More Investments.
Lusix said it will use the money to expand its production capacity, most notably with the opening of a second solar-powered facility slated to start production this summer. The new factory will “enable Lusix to better serve the increasing demand for lab-grown diamonds.”
The company does not share production figures, though the spokesperson said the new facility will increase the company’s output five-fold.
LVMH did not respond to request for comment on its investment in Lusix, including an inquiry about the future use of lab-grown diamonds by its watch and jewelry brands, though at least one of its brands already has begun experimenting.
At Watches & Wonders Geneva this past spring, TAG Heuer unveiled the $375,000 “Carrera Plasma,” an automatic chronograph set with 11.7 carats of lab-grown diamonds supplied by Lusix as well as two other growers.
More on Lab-Grown
The Latest
SourcingDec 02, 2022
Alrosa CEO Sergey Ivanov to Step Down, Report SaysAccording to Russian news sources, the sanctioned head of the diamond company is leaving to take a job with an investment group.
SourcingDec 02, 2022
Lucapa Sells 170-Carat Pink Diamond Unearthed This SummerSaid to be the largest pink diamond found in hundreds of years, “The Lulo Rose” was sold for an undisclosed sum.
AuctionsDec 02, 2022
Here’s How 2 Royal Jewels Performed at Auction in DenmarkA princess’s tiara fell within its pre-sale estimate while an Art Deco bracelet from a queen doubled it.
Brought to you by
Knowledge and Skills for Today’s Hot TopicsFrom laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.
CollectionsDec 02, 2022
Piece of the Week: Foundrae’s Chain A closer look at the bold links reveals a subtle, surprising detail.
Weekly QuizDec 01, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
Supplier BulletinDec 01, 2022
Take Your Jewelry Design Process Digital with the GIA Alumni Collective™Sponsored by GIA Alumni Collective™
WatchesDec 01, 2022
Rolex to Certify Pre-Owned WatchesRetailers within its official distribution network will be able to sell the authenticated timepieces.
Brought to you by
Diamond Shoppers’ 2022 Holiday Wish ListGive your customers the best diamond buying experience this holiday season.
CollectionsDec 01, 2022
Kendra Scott’s New Collection is for Barbie GirlsThe capsule collection combines the brand’s classic styles with Barbie’s signature pink color.
AuctionsDec 01, 2022
13-Carat Pink Diamond Withdrawn From Christie’s Auction The auction house is not offering any details on why the fancy vivid pink stone was pulled from its upcoming “Magnificent Jewels” sale.
SourcingDec 01, 2022
Nomad’s Is Selling Its Stones to Raise Money for Ukraine AgainIn the spirit of an advent calendar, “Gems to Help Ukraine” will sell a stone a day through Dec. 24 on the Nomad’s Instagram account.
GradingDec 01, 2022
PhotoScribe Granted Patent for Method that Verifies a Stone’s IdentificationThe secure mark combines an overt mark with a covert data set to provide assurance on a gem.
SurveysNov 30, 2022
5 Things Retailers Should Know About the Start to the Holiday SeasonPlus, what a potential rail strike would mean for retailers.
WatchesNov 30, 2022
Watchfinder & Co. Will Launch a Marketplace Next Year It will provide a place for select luxury watch retailers to sell their stock.
MajorsNov 30, 2022
Pomellato Buys Into Italian GoldsmithThe brand has purchased a minority stake in Costanzo & Rizzetto.
SourcingNov 30, 2022
Firestone Restarts Operations of Lesotho Diamond MineLiqhobong has been in a care-and-maintenance period since the start of the pandemic.
MajorsNov 29, 2022
LVMH Acquires Jewelry Manufacturer Pedemonte GroupThe strategic acquisition will bolster the luxury titan’s production capacity in its watch and jewelry division.
CollectionsNov 29, 2022
Alex and Ani Founder Carolyn Rafaelian Has Launched a Fine Jewelry LineThe new brand, Metal Alchemist, focuses on unisex, classic jewelry designs.
IndependentsNov 29, 2022
Reinhold Jewelers’ Holiday Book Is an Ode to an Important Beverage The 2022 edition of the retailer’s annual publication pays homage to the coffee farms and shops of Puerto Rico.
CollectionsNov 29, 2022
Gabriel & Co.’s ‘Fashion Book’ Is OutNot a catalog, the magazine is a tool for Gabriel & Co. retailers to connect with their customers.
MajorsNov 29, 2022
Claire’s to Open Shop-in-Shops in Select U.S. Macy’s Stores The partnership brings Claire’s jewelry and accessories to 20 Macy’s locations in time for the holiday season.
MajorsNov 28, 2022
Pomellato’s New Videos Raise Awareness of Violence Against WomenStarring CEO Sabina Belli and other celebrities, the videos emphasize the importance of supporting women who have experienced abuse.
IndependentsNov 28, 2022
Bert Kalisher, an Industry Veteran Who Loved Making Connections, Dies at 97 Kalisher started out manufacturing watch bands and later got into publishing, authoring two books and serving as publisher of Chronos.
Events & AwardsNov 28, 2022
Registration Is Open for AGA’s Annual Tucson Conference Scheduled for Feb. 1, the event will feature six gemological education presentations and three hands-on sessions.
MajorsNov 28, 2022
The Kingswood Co. Is One of U.S.’s Fastest-Growing Companies AgainThe jewelry cleaner manufacturer jumped up to No. 3066 on the Inc. 5000 list.
AuctionsNov 23, 2022
This Sapphire Tiara Once Owned by a Danish Princess Is Going to AuctionThe Dec. 1 jewelry sale at Bonhams-owned Bruun Rasmussen will have several other pieces of royal jewelry on the block.
FinancialsNov 23, 2022
Movado Lowers Guidance Amid ‘Uncertain’ Retail EnvironmentIts Q3 sales dipped as inflation took its toll on shoppers in the U.S. and Europe.
