INTERVIEW : Zulu Ghevriya, CEO & Creative Director, Smiling Rocks

“Lab grown color diamond is another opportunity given to consumers who have never experienced owning a fancy color diamond in natural diamond, plus it is absolutely out of many people’s reach,” says Zulu Ghevriya, CEO & Creative Director, Smiling Rocks.

Zulu Ghevriya is the CEO and Co-founder of Smiling Rocks, the Founder of Vedantti Jewellery, and the Managing Director of Prism Group. He has over 20 years of experience in the diamond and jewelry industry. Ghevriya started his business with the natural diamond company Prism Group and has grown it into a globally recognized diamond and jewelry design house. In the early stages of his career, he pioneered the introduction of treated color diamonds in Asia and worldwide. With experience in diamond manufacturing and trading in India, as well as export expertise in Hong Kong, New York, and Europe, Ghevriya has specialized gemology knowledge and training that have established him as a notable authority and welcomed consultant in his field. In recognition of his achievements, Ghevriya was awarded the JNA Young Entrepreneur of the Year award in 2018. He has been invited to speak at multiple prestigious institutions and panel discussions, such as the London Business School and JCK/JNA/GJEPC/GDE events, to educate the industry on the current diamond and jewelry market and inspire the next generation of professionals.

Here, in an Exclusive Interview with Precious World,  Zulu Ghevriya, tells the story of Smiling Rocks, and while predicting a great future, he expresses his unwavering support for the Lab-Grown Diamond sector.

Some excerpts…

For the uninitiated, please give your background; details of your parent company/s; and the growth and changes that have taken place in ‘Smiling Rocks’ since we last spoke to you in 2021.

Since 2021, following the onset of Covid, the lab-grown diamond industry has begun to stabilize. Our brand has undergone significant evolution during these two years. Smiling Rocks has experienced substantial growth, not just in the US but globally.

We have garnered recognition from media outlets like Forbes, Vogue, and Vanity Fair, and numerous top celebrities, including Gigi Hadid, Ariana Grande, and Camila Cabello, have worn Smiling Rocks at major red-carpet events.

To date, we take pride in our positive contributions to both people and the planet, having planted over 175,148 trees, removed 46,340 pounds of ocean debris, and established 12 digital libraries, with a goal of reaching 100.

In India, Lab-Grown Diamonds (LGD) companies have increased in number in recent years. Many natural diamond manufacturing companies have also entered the LGD sector.  Is the LGD sector here to stay? Your thoughts?

I think it is irrelevant today to say that if lab grown diamond is here to stay. The industry for lab grown diamond has already been established. It has imprinted in consumers’ minds of this option for their luxury purchase. Lab grown diamonds are definitely are girls’ new best friend. This shows that the younger consumer groups, such as millennials, Gen Z, who are more conscious customers have accepted and considered lab grown diamonds for their big days. This shows that major wedding engagement ring decisions have included lab grown diamonds. It is a good sign indicating lab grown diamonds have well penetrated the market. More than 50% in many jewellery categories (including engagement and wedding) has been taken over by lab grown diamonds. This product has become the choice of repeat purchase pieces for jewellery lovers. This sector not only is here but will grow immensely in coming years.

The pros and cons of LGDs are being discussed currently world over. What’s your opinion, especially with mined rough diamonds scarce in the manufacturing sector?

There has never been a rough diamond scarce in the mining industry. Miners would typically hold and release rough diamonds on their own benefits. In 2021 or 2022, more rough diamond has been mined than lab grown diamonds. This does not sound it is not under scarce.

LGD prices have dropped drastically of late, and over-production is blamed for the drop. How do you see the LGD sector going forward?

It is true that lab grown diamond prices have been dropped since it has marketed commercially. I take it as a nature of business where a new product has potential of growth and is finding its way to settle down and become mature. Lab grown diamonds has not put an impression since day 1 that it is a product for investment. It has always given an impression to consumer that you do not have to sell your fortune to enjoy diamonds. You can buy diamonds with 1/3 of price, or even less, you are spending. Lab grown diamond has always been marketed as everyday wearing jewelry that expresses self love, their personality via the jewelry they wear.

Lab grown diamond will still continue growing as we see now. If I may share one comparison, when we will look at cell phones invented initially, we have enjoyed the new invention that time, and we are still enjoying the same invention today. We do not perceive that mobile phones’ value bought at the time of its introduction vs today is higher or lower. It is the emotion that is attached with a person at the time of purchase.

Hence, lab grown diamond prices are the reaction on the current time and situation. Customers are not comparing what they have bought yesterday with today. They are enjoying the moment of the purchase and the experience with their jewelry. They will not be bothered with what the price would be tomorrow.

As for the retail perspective, I am not seeing any retailer selling or informing their customers about lab grown diamonds as investment purpose. They are sharing the story of a choice, as lab grown diamond is giving consumers a choice of owning more than one jewelry pc with them. It also gives consumers an opportunity to save their money and use that saving for other purpose, while enjoying the same luxury that they are dreaming of. 

How is your jewellery business faring now, and which is your main market?  Please give more information about the business; manufacturing unit/s.

Smiling Rocks is mainly focused in the USA market, along with the current expansions in Asia and Europe. We have our manufacturing units in Hong Kong and India. We are a brand expanding worldwide with our brand image and overall brand mission of giving back. Smiling Rocks is putting a positive footprint and we are happy that we are contributing to this world whichever way we can.

Are coloured LGDs grown nowadays? Do you think colour-gems is a major competitor and may hinder the LGD growth? Your views please.

Lab grown color diamond is another opportunity giving to consumers who have never experienced owning a fancy color diamond in natural diamond, plus it is absolutely out of many people’s reach. Lab grown color diamond is giving them this opportunity to explore, enjoy and own a beautiful fancy color diamond. We have beautiful colors that are emerging from lab grown diamonds and providing ways for designers to explore and create amazing jewelry designs. Color gemstones is surely not a competitor but complimenting each other because the designers are using natural gemstones with lab grown diamonds, hence providing a new way to enjoy luxury.

Sales of LGDs / jewellery have indicated good growth in the US market. According to reports in India, Gen Z is going in for LGD jewellery in a big way.  In your opinion, which other market/s will grow in the future?

The world is knocking for lab grown diamonds. Every market where lab grown diamond is introduced, it is penetrating like anything. The moment lab grown diamond is introduced in an untapped market, the consumers will react based on the nature of the diamond, price point, the beauty of the jewelry pieces, the overall perceive value etc. USA was the first market, where we can see today 85% of the retailers are carrying lab grown diamonds.

India has taken lab grown diamonds as a positive impact. We can see the launch of stand-alone lab grown diamond stores in India and retailers and consumers are accepting. We can see the spread in different continents like Europe, Middle East (Gulf Countries) etc have started promoting lab grown diamonds. We see opportunities for everyone to explore this product.