MADESTONES

Innovation challenge

Thierry Silber, CEO Madestones, learned about lab-grown diamonds during the economic crisis in 2008. The industry was hard-hit and the plummeting prices caused the diamond trade to come to a standstill. Thierry was thus looking for opportunities for the future, such as the introduction of new diamond concepts and shapes such as ‘Hearts and Arrows’.

In 2009, a business contact invited him to inspect a batch of lab-grown diamonds. Thierry was amazed at the superb colours and the potential price difference, which is why he decided to invest in the project, along with 9 other partners.

Two years later, Thierry Silber conducted consumer research to understand the feedback and customer expectations. He thus realised that there was a market for lab-grown diamonds for Madestones. At the time, themes such as environmental friendliness, traceability and human rights were also gaining in importance in the industry. The question remained as to which role Antwerp could play in this growing market?

Solution developed

Madestones has witnessed first-hand how the reception of lab-grown diamonds has changed over time. Whereas people used to be reluctant when it came to synthetic production, acceptance is growing worldwide, because the industry is engaged in a dialogue and reaching agreements.

Madestones also had to think about the role it wanted to play in this process. The company also conducted a feasibility study with the city of Antwerp about the embedding of lab-grown diamond production in Antwerp, at economic and spatial level and in terms of marketing. How realistic is lab-grown diamond production in Antwerp?

A business case has been drawn up, with investment needs, profit and loss forecasts, potential locations, each with their own energy options and impact on the business plan.

In addition, the availability of local know-how remains an important factor for lab-grown diamonds. A plug and play solution will still take some time to develop, in terms of installation of new machinery.

How did the coaching enable to accelerate?

Thierry Silber: “We received tremendous support from the city of Antwerp and Verhaert. We would have never been able to conduct this research process without their assistance. We examined various different scenarios with them and created a great bidbook for potential investors. When people realised that we were working with the city of Antwerp, they immediately took our project very seriously.”