What are your plans for the UAE market?
Siroya is now officially announcing an exclusive partnership with ALTR Created Diamonds, the world’s leading lab-grown diamond company and the launch of an exclusive new jewellery brand called Evermore.
At this initial stage, Evermore will be offered in 6 stores across Dubai, Bahrain and the UK.
To allow consumers to get a true feel of the brand, we are also launching our flagship Evermore store in attachment to a Siroya store in the brand-new Gold Souk at the New Deira Extension in May 2022.
Evermore will dramatically change the way people perceive diamonds. The jewellery has top-quality type 2a diamonds from ALTR that are manufactured with cutting edge technology to the most demanding standards with each precious bespoke diamond ensuring the same qualities as traditionally mined diamonds. Made to order, these labs grown stones have a pristine purity about them while having a very low carbon footprint ensuring they neither harm the eco-system, or cause exploitation of human labour.
A single piece of Evermore’s jewellery has the workings of a complex and integrated supply chain to back it up. What consumers don’t see is the only vertically integrated lab grown diamond company in the Middle East.
Rough diamonds are grown in our laboratory, then cut and polished in our cutting factories- one of the foremost cutting institutions in the world and a master in fancy cuts like the princess cut. The bespoke jewellery is finally finished by hand in our factory in the UAE.
Why did you choose the UAE as a jumping off point for the Middle East market?
Because this is our home, and the potential is immense.
We’ve built the Siroya brand in the UAE by taking risks, embracing change, setting trends, and crafting superior customer experiences. Our loyal customers keep coming back for more. And with the launch of Evermore this is exactly what we’re promising – more choice, more value, and more diamond. Siroya’s brand heritage coupled with ALTR’s experience (global presence and network of 600 retailers) makes our entry into the lab grown diamond space an exciting moment in our evolution and for the industry.
The partnership brings a high level of quality assurance and industry beating turnaround time for production. With our capabilities, our client can ask for virtually any diamond and jewellery of their desire and we can bring it into creation.
How have you seen demand for lab grown diamonds evolve?
From when we started selling mined diamonds in 1994 to now, we have seen demand grow 10-fold. I can safely say that lab grown is likely to have a similar upward trajectory. Currently there is one major retail chain which has entered the space so yes, we are in the early stages of the market. However globally, the category is growing at over 20 percent annually, as compared to 2 percent CAGR seen in natural diamonds. From a base of 1 million carats being manufactured, we are now at 6 million carats in a short span of five years. The potential is huge!
Our JV with ALTR is also well timed as a recent Allied Market report highlighted that the total market size for lab grown diamonds is slated to grow from $19.3 billion in 2019 to $49.9 billion by 2030.
Does your customer base differ from traditional diamonds? If so, how?
The expansion of lab grown diamond accessibility is focused on further democratising the diamond conversation. Consumers can now experience graded high-quality diamonds with larger carats at a better value.
In a free market, the consumer is given a choice, and they will eventually choose the option that matches their expectation for the moment they are making a purchase for. We don’t believe Evermore takes away from the traditional diamond market; it actually adds on to it. With Evermore, we are delivering a brand that delivers more to the consumer than what they expect. For consumers who have stayed away from the market because the existing options didn’t match their ethical and environmental standards, or their budget, they now have a brand they can call their own.
How have customer expectations changed following the Covid-19 pandemic?
From hygiene and safety to in-store tech innovation, the global pandemic forced jewellery brands to stop resting on their laurels.
The customer’s expectations and priorities have changed and Evermore ticks many key boxes.
We are giving our customers the chance to dream big and live a little. Our diamond jewellery is priced in a sophisticated yet approachable way. Compared to traditional mined solitaire diamonds, Evermore allows the consumer to get twice the size, clarity and colour for the same value. As a jewellery brand, our designers get a brief where they are no longer asked to compromise on quality or size in their creations.
This region is very much part of the globalised economy, and consumers are very savvy on trends across the world. E-commerce is another major trend and certainly something we will experiment with. However, as our jewellery is design focused and consumers prefer to try on the jewellery prior to purchase, we feel an omni-channel approach is more appropriate.