In this exclusive with Mr Amish Shah, Founder & CEO at ALTR Created Diamonds, the Diamond Mirror Bureau gets to know about the initiation of the company and the highly skilled Research team that support the continuous development of the product that has helped ALTR reach a leadership position in the Industry. Excerpts:

Tell us something about the initiation of ALTR Created Diamonds. Do you come from a Diamond lineage and how has the group evolved over time to reach the position that you are today?

Heritage prevails and technology evolves. That is the essence of my story. At ALTR, we have maintained our heritage of 90 years of artisanal design manufacturing and infused it with modern technology, such as solar energy and automated robotic machines for diamond cutting and polishing. We also provide our artisans with tools that allow them to utilize their skills and creativity to bring out the finest lustre in the beautiful metal. This unique combination of heritage and modernity, combined with the design art that we collect from both the past and present, creates a connection with today's consumers. However, we must remember that the designs and experiences we create must appeal to the consumers that we want to reach. Early on in my career, I learned this lesson in the diamond industry, where companies often failed to listen to their consumers and simply marketed their products. That is why at ALTR, we strive to create meaningful connections with our customers.

Lab created Diamonds are reaching new milestones and growing at an astronomical pace. Is this true? If yes, what according to you are the key factors that are determining the exponential growth of Lab grown diamonds?

The lab grown diamond category is growing at the pace we envisioned when we introduced it to the market in 2016. In 2006, when we first introduced labgrown diamond and its fine jewellery category to the marketplace, people laughed at us. That didn’t deter us. It took ten years to come back with a clear story and a desire to speak to consumers.

The last six years have shown the power of consumers to change the market and, more importantly, the desire for larger and more beautiful diamonds. This desire has always existed, whether in the 1960s, 1990s, or 2000s. If you remember the iconic moment in the movie “Breakfast at Tiffany’s”, where the main character stands in the window, staring at a beautiful necklace through the glass, it's the sparkle that catches the eye. This is what has fuelled the desire for larger and more beautiful diamonds for decades. The success of any category, product, or service in the world is dependent on one key factor: the consumer. ALTR focused on empowering the consumer with their right to choice. When consumers are empowered and have access to education and free press, they make informed decisions. The Federal Trade Commission has further authenticated the same. If you sum up these three things and present them to the consumer, you will see the result in stores today, which is exactly what we projected in 2016 and each year after. I firmly believe that another $3 billion worth of created diamonds will be added to the yearly revenue of the fine jewellery industry in next 2 years.

Instead of trying to figure out the “New diamond industry” from the back end, let's allow the consumer to decide. The “Old diamond industry” is now history.

ALTR Created Diamonds specializes in creating Type II a Diamonds. Can you tell us about Type II a diamonds and its significance from a consumer point of view? Also emphasize on the certification and grading process followed by ALTR.

I once had a meeting with our branding team where I told them that all ALTR Created Diamonds are Type II a Diamonds. Everyone in the room looked at me in confusion. I realized that most consumers are not aware that only about 2% of the world's purest diamonds are tied to diamonds that are sold in retail stores or by salespeople. These finest diamonds are only found in museums and are sold to the wealthy and famous.

When we started growing diamonds, one thing that many people were not aware of is that a diamond grows from another diamond. Our first lab-created diamond seed that we started with was derived from a Type II a earth mined diamond. These diamonds are the rarest diamonds in the world, which make up less than 2% of all diamonds ever mined in the past 300 years. At ALTR, we focus on growing only type II a diamonds. This has allowed us to grow diamonds that have minimal or no nitrogen and impurities. From a consumer's perspective, why would you want to buy a lower quality, mined diamond for twice the price when you can get a pure, brilliant ALTR Created diamond of twice the size for the same price?

In 2016, we emphasized the certification and grading process for our diamonds. We noticed that there was a lot of confusion among consumers about grading reports. Therefore, we decided to work with GCAL, one of the only laboratories outside of Tiffany that can certify a diamond and guarantee its grading thus providing confidence to the consumer. We even took it a step further by introducing the world's first e-certificates in the labgrown diamond category, which are an industry norm today. It is one thing to talk about being a low carbon footprint company, but it's another to actually be one and make sustainability a part of our DNA. It's not just a buzzword for us, it's who we are.

ALTR Created Diamonds is today one of the leading ‘Diamond Growing’ companies in the world. Tell us something about the state-of-the-art technology and skilled resources that are helping ALTR reach a leadership position in the sector?

The job of a pioneer is to constantly evolve and lead the conversation in any industry. Our company has consistently evolved since 2006, and it took us ten years to bring our product to market and into the first retail store. We were the first to bring e-certifications into the labgrown diamond industry, and we have three generation of experience in making fine jewellery. One of the important aspects of ALTR is our commitment to sustainability. We are the only created diamond brand that has used recycled gold since our inception. We also use automatic robotic polishing for the finest quality and robotic arms for manufacturing. Every aspect of our manufacturing process has been thoroughly studied and upgraded to ensure we can produce the precision focused calibrated cuts that are optimized for maximum brilliance. Every step of the way ensuring our carbon footprint is at its lowest.

Education has been a very important criterion for the success of this category and a key focus for us. We have trained over 1800 salespeople in the United States, and hundreds more in Australia, Poland, and other countries. In 2018, we unveiled the world's first authentic diamond growing film to help consumers learn and understand the process of ‘growing’ diamonds. This was a month before the FTC gave its final ruling on lab-grown diamonds. We have also worked with the media and journalists around the world to increase the public's knowledge of lab-grown diamonds.

The search for lab-grown diamonds has grown exponentially since we entered the market. Today, over 70% of couples who get engaged consider lab-grown diamonds as an option. In 2022, any store that carried lab-grown diamonds as an organized offering saw a third of their engagement sales come from lab-grown diamonds. Additionally, retailers who sell lab-grown diamonds have seen an increase of 25% in gross profit compared to similar mined diamond products. This is what we consider being a pioneer - bringing new and innovative ideas to the market that allows the industry to bridge into the future and leading the way for others to follow.

Tell us something about ALTR Created Diamonds Jewellery designing and manufacturing process? What inspires you to create and launch exquisite jewellery such as Tennis Bracelets, Wedding rings etc.?

Jewellery isn’t just a passion for me, it is in my DNA. I wasn't born as a diamond dealer. I was born as a jeweller. My grandfather, who was a jeweller to the Royals of India, taught me about jewellery from a young age. Fine Jewellery is an art that takes form when passion meets creativity. In addition to technology, Jewellery design has always been a passion of mine. Lab created diamond gives us the opportunity to think wild and beyond the limits we have always been told to play within. When talking about the manufacturing process, we focus on the fusion of heritage and technology. That is what inspires us at ALTR to create. Design drives desirability, and lab grown diamonds allow for more freedom in both diamond design and jewellery design. Lab-grown diamonds have given designers the freedom to create their vision without being restricted by traditional shapes or sizes. At ALTR, we pursue consumer desire for design and believe that artisanal workmanship in cutting diamonds and crafting jewellery fused with technology creates the finest jewels.

Sustainability is becoming an important buzzword in the Diamond sector today. What are the steps taken by ALTR Created Diamonds to make the lab created diamond business sustainable, environment friendly and help maintain ecological balance?

Sustainability is not a buzzword. It is in our DNA. In 2005, when I first created a project to use recycle gold for jewellery , various American retailers told me that consumers would never pay 1% more for a product made with recycled gold. As a computer nerd who loved jewellery, I was determined to bring recycled gold into this market. When we brought ALTR to the market, every piece of jewellery was made with recycled gold.

In the early days, the conversation about recycled gold and sustainability mattered but was not a priority. However, six years later, companies in this industry are doing every possible type of green washing they can to appear more sustainable. Today, ALTR Tech uses 99.99% solar energy to grow its diamonds being the first in India and has adhered to international standards set by the ‘UN Greenhouse Gas Protocol’ since April 2021. We have been audited for scope one and two, not only for our growing facility, but also for our offices in Mumbai and New York. We have offset the difference in our carbon footprint and committed to a carbon reduction program.

Lab Created Diamond sector is still considered an unorganized Industry when it comes to pricing. What is your opinion on streamlining this important factor to help long term sustainability and growth of the sector?

It makes me happy to know that the monolithic diamond pricing model in the industry is breaking down. Diamond prices are now being decided based on demand and supply, rather than in a boardroom. This means that consumers have more control over the prices they pay, based on supply and demand economics. As technology improves and economies of scale are achieved, larger and more beautiful diamonds will become more accessible to consumers. I see no need for a controlled pricing model. It's not about breaking the law of price fixing or monopoly through that, but rather about upholding the law of the free world.