Shinsegae Myeon, Lab-Grown Diamond Brand 'Dinechi' Entry

Shinsegae Duty Free announced on the 25th that it has opened a store of the lab-grown diamond specialty brand ‘DINECH’ at its Myeongdong branch. This is the first time DINECH has opened an offline store in a downtown duty-free shop, with Shinsegae Duty Free Myeongdong being the first.

Shinsegae Duty Free promoted the entry of DINECH to expand the range of choices in response to the increasing number of duty-free customers seeking lab-grown diamonds. In fact, sales of lab-grown diamond brand stores within Shinsegae Duty Free have nearly tripled last month compared to January this year, gaining popularity.

DINECH is a domestic jewelry brand that pursues sustainable luxury. It has evolved into a differentiated brand that handles only the highest grade by researching lab-grown diamonds for a long time to eliminate various issues such as environmental destruction caused during the natural diamond mining process.

Lab-grown diamonds mean ‘diamonds grown in a laboratory’ and have the same external, physical, and chemical characteristics as natural diamonds. They can receive certificates based on the same grading standards as natural diamonds from world-renowned gemological institutions such as GIA, IGS, and IGI. In 2018, the U.S. Federal Trade Commission announced that lab-grown diamonds are also included in the definition of diamonds.

Lab-grown diamonds have become a global trend. The global market size has explosively grown from 1 billion dollars (1.3 trillion won) in 2016 to 12 billion dollars (15.7 trillion won) in 2022. Shinsegae Duty Free expects that more foreign duty-free customers will visit the Myeongdong branch as it has introduced DINECH in line with this trend.

To commemorate this entry, Shinsegae Duty Free plans to give gifts to customers who purchase DINECH products worth more than 250 dollars.