Queensland Buyers Drive Lab Grown Diamond Retail Expansion Across Six Cities

The engagement ring conversation in Brisbane has changed. Where the question was once carat versus budget, it is now increasingly whether the stone was mined at all.

That shift has been good business for Novita Diamonds, an Australian company founded by Iris Arnold that sells lab grown diamonds exclusively. It now operates 16 showrooms in total, including Brisbane, Sydney, Parramatta, Melbourne, Adelaide and Perth, alongside locations across Asia, Europe and New Zealand.

The price argument

The commercial case is straightforward. Lab grown stones are frequently priced well below mined stones of comparable specification, and the gap has widened as production has scaled. Arnold has publicly put the difference as high as 70 per cent for comparable quality, while arguing the stones offer identical brilliance and durability.

Certification caught up

For several years the weak point was verification. That has largely closed: major laboratories now grade lab grown stones directly, and the Gemological Institute of America updated its lab grown services in 2025. Buyers can now compare certificates across both categories on similar terms.

A structural bet

Novita reports that women hold 80 per cent of its roles and all senior management positions, and that its gemmology team carries more than 40 years of combined experience. The company reports over 10,500 five-star reviews across its markets. lab grown diamonds are reshaping Hong Kong luxury.

Queensland buyers are not unusual in this. What is notable is the speed: a category that barely registered in Australian retail a decade ago now anchors an expanding international business built out of it.

Sources: The Korea Times, Novita Diamonds CEO Iris Arnold shares insights into the future of lab grown gems.