Diamonds DisruptED Pt. 2
Listeners and viewers, welcome back to another episode of DisruptED. If you missed the first episode with Amish Shah, founder and CEO of ALTR and J’evar, I highly recommend going back to hear his incredible entrepreneurial journey.
Amish Shah, hailing from a traditional Indian family with a long history in the diamond business, decided to carve a different path in the diamond industry. Despite his family’s expectations to continue their legacy, Amish was driven by a passion for technology. His journey reached a significant milestone in 2016 with the first commercial sale of lab-grown diamonds.
In June 2016, exactly ten years after his initial attempt, Amish presented lab-grown diamonds at a major trade show. His efforts paid off when a prominent jewelry store in Omaha, owned by Berkshire, decided to showcase his products, empowering consumers with a choice. The success was swift, with sales increasing eightfold within eight months, driven purely by consumer education rather than traditional advertising.
By 2017, ALTR’s lab-grown diamonds had gained significant traction, leading to a partnership with Helzberg Diamonds. Within the first 30 days, ALTR broke sales records, prompting further expansion. In 2018, they unveiled the world’s first lab-grown pink diamond, marking another significant achievement.
A key innovation by Amish was the introduction of e-certification for grading reports, replacing the traditional paper and plastic system. This move towards sustainability and transparency revolutionized the diamond industry’s supply chain and has since become a standard practice.
Amish’s impact on the diamond industry extends beyond consumer jewelry. Recognizing the broader applications of lab-grown diamonds, the Indian government has invested $30 million in research, aiming to leverage these diamonds for industrial and technological advancements. This initiative could transform sectors from water purification to defense.
In a symbolic gesture, Indian Prime Minister Narendra Modi gifted a lab-grown diamond to President Joe Biden, highlighting India’s commitment to this innovative technology.
Amish Shah’s journey is a testament to the power of innovation and disruption in a traditional industry. Stay tuned for our next episode, where we will delve deeper into the industrial applications of lab-grown diamonds and their potential to transform various sectors. Until then, keep disrupting!
