Ten years ago lab grown diamonds and stones were almost unheard of, today lab grown diamonds are growing at a CAGR of 9.1% jumping to a $59.5 billion worldwide market share value by 2032. The allure of lab grown stones have captured younger generations for its ethical nature paired with lower price points making it more accessible. Lab grown diamonds can cost up to 60-70% less than mined diamonds.
Meg Strachan spotted the opportunity to modernize heirloom pieces made from lab-grown stones and has since turned Dorsey into an eight-figure business with seven figure profitability. The direct-to-consumer lab-grown jewelry brand, launched in 2019, after years of Strachan itching to bring lab-grown jewelry inspired by heirloom classics to modern women. Dorsey, named her grandmother and inspired by her personal jewelry collection, has built a strong celebrity fanbase, including Hailey and Justin Bieber, Taylor Swift, Bella Hadid, Lily James, and more.
With over 18 years of experience across the direct-to-consumer and e-commerce space, Strachan worked in marketing and growth strategy across powerhouse companies including Anine Bing, Girlfriend Collective, Bandier, Goop and Re/Done. She first had the idea of Dorsey as the CMO of Anine Bing during a trip to Paris, “My career has been at the intersection of brand marketing and growth marketing within the fashion space. I’ve been able to find a niche for me is understanding a consumer and understanding how a brand can create content and a marketing strategy and a paid marketing strategy to connect with a consumer. And Dorsey is really a product of of all those learnings.”
“My grandmother’s name was Dorsey, and she was a jewelry collector. She collected all different kinds of jewelry and she taught me everything I initially knew about jewelry. As I got older in the working world, I was in my early 30’s at that time, I wanted to start to build my jewelry collection,” she explained. “When I was the CMO at Anine Bing I had the idea for Dorsey in France for a shoot. At the time, my grandmother was still alive, but I was looking at a table of jewelry tht I wish I could find in the US. As you go into these little stores or into flea markets you can find somebody’s personal collection or antique jewelry that was made so beautifully. I thought, gosh, why does nobody make jewelry like this anymore? And somebody should, someone should start a jewelry company that, is kind of based in archival with an affordable price point.”
When she initially started Dorsey she sought out VC funding but was rejected in every corner leading her to bootstrap the company to millions in sales before ever receiving any funding. The company to date has only raised $1 million in funding. Dorsey first launched with a four pronged Riviére necklace made with lab-grown white sapphire stones for under $1,000, a a fraction of the price of mined diamond versions retailing for $75,000+. As a one woman show, Strachan leaned into marketing the pieces to women as a woman in an industry that was traditionally men marketing to women. That included talking to her customer directly through Instagram, word of mouth and getting the pieces into the hands of celebrity stylists. By 2022 the brand had grown 600% from the previous year and continues to grow at 100%+ rates.
“As an early 30’s executive, I looked at how I was spending my money and how my friends were spending their money and we all wanted beautiful jewelry. I wanted a beautiful Riviera necklace but the price points just didn’t make sense and they still don’t make sense today either. What I love about lab-grown is that it really democratizes this industry of mine diamonds that was so reserved for the wealthy. We wanted to expand into categories that women were wearing every day and that women are buying for themselves. Our customer is mostly buying for herself. We do every cut, every color, every size of the Riviére. We have a bracelet business that mirrors what we do within our necklaces. And then we’ve started to build into a rings business which has been really successful for us for the last couple of years. But we’re really building into being a modern lab-grown jewelry house,” shared Strachan on building for Dorsey’s ideal customer.
Dorsey’s real-time digital marketing strategy and nimble team has led them to sell over 1.7 million lab-grown stones in just 2023 and 35,000+ sign up for their waitlists. Dorsey’s depth in offering coveted styles in either lab-grown stones or diamonds with choice of metals at an affordable price point through a DTC model has made the brand a household name when it comes to fine jewelry. The brand has expanded its collection to include lab-grown heirloom-inspired rings, occasion earrings, septum cuffs and customizable pieces, including custom color rivière styles, and engravings on their ID styles.
“Lab grown is just so incredible because lab grown diamonds are molecularly exactly the same as a mined diamond. But lab grown diamonds have created a new consumer base. being adopted at a rapid pace. Because when people look at a piece of jewelry and they want to wear it, you want more consumers to have access to that. You want people to pick and wear things based on what they love, not just based on what they can afford,” shared Strachan on the rise in popularity of lab-grown jewelry.
In 2025 and beyond, Dorsey will expand its assortment of styles beyond the timeless classics it’s renowned for. Dorsey will also begin to offer custom cuts of diamonds and gemstones, offering a more personalized touch. For Strachan, her mission will always come down to offering women timeless pieces they can wear and collect at an accessible price point.