Detroit private equity firm Huron Capital says it has made a significant equity investment in Washington D.C.-based WD Lab Grown Diamonds, a producer of large, ultra-high-quality laboratory grown diamonds for the jewelry, scientific, and industrial markets.
“The Huron Capital investment is expected to help us significantly expand our capacity in the fast-growing, high-quality segments of both the gem and industrial markets, and build our base of trade partnerships,” says Clive Hill, founder and CEO of WD Lab. “We believe we can provide the safest supply certainty for this technical product and the most consistent volume option for the biggest players in the gem market.”
WD Lab holds an extensive portfolio of exclusive global licenses with the Carnegie Institution of Washington centered on the patented Chemical Vapor Deposition process and other methods to grow diamonds. In May 2018, WD’s laboratories produced the world largest known gem-quality lab-grown diamond to date in a matter of months, compared with the billions of years it can take diamonds to form in the earth.
“Huron Capital is expected to bring expertise to help manage our explosive growth and can also help set our priorities in the scientific and industrial diamond markets,” says Yarden Tsach, chief technology officer of WD Lab.
Lab-grown diamonds and mined diamonds have the same optical, chemical, and physical properties, leaving their origin as their only difference. In July 2018, the U.S. Federal Trade Commission released its Revised Jewelry Guides, leveling the competitive landscape for the sale of lab-grown and industrially-mined diamonds to consumers.
“We believe WD Lab’s exclusive technology and manufacturing capabilities place the company at the forefront of one of the fastest-growing segments of the diamond industry,” says Michael Beauregard, a senior partner at Huron Capital.