Dorsey, a lab-grown diamond brand established six years ago, has achieved remarkable recognition and an eight-figure valuation under the leadership of CEO Meg Strachan. The company's distinctive, understated yet sparkling designs, such as the popular Rivière necklace and Georgian-inspired Lucien earrings, have garnered attention from various individuals, including celebrities like Hailey Bieber and Taylor Swift. Strachan's success stems from identifying a gap in the market for high-quality fine jewelry at a more approachable price point than traditional natural diamond brands, made possible by advancements in lab-grown diamond technology.
Since its inception in late 2019, Dorsey has solidified its position by offering pieces crafted from solid gold or sterling silver, ensuring they are categorized as fine jewelry rather than demi-fine. While a Dorsey diamond tennis necklace can cost up to $20,000, it remains significantly more affordable than natural diamond alternatives, which can exceed $30,000 or $40,000. The brand's diverse price range caters to a wide clientele, with offerings from moissanite huggie earrings at $345 to diamond and yellow gold tennis necklaces at $5,598. This tiered pricing structure, based on stone type and material, allows customers to choose according to their preferences and budget.
The market for lab-grown diamonds has expanded dramatically since Dorsey's early days. Industry analyst Paul Zimnisky estimates that the lab-grown sector, which was valued at less than $1 billion in 2015, is projected to reach approximately $40 billion by 2025. Data from a 2026 study by The Knot, a bridal platform, indicates that 61% of 10,000 U.S. couples surveyed in 2025 chose lab-grown engagement rings, marking a 239% increase from 2020. Furthermore, McKinsey forecasts that lab-grown diamonds will constitute half of all diamond jewelry unit sales by 2030, underscoring the rapid shift in consumer preferences.
Initially, established natural diamond companies like Brilliant Earth and De Beers (through its Lightbox Jewelry division) introduced lab-grown options. Subsequently, brands exclusively focused on lab-grown diamonds, such as Grown Brilliance (launched in 2021) and Clean Origin (2017), emerged around the same time as Dorsey. These brands often integrate 'lab-grown' into their names and offer styles that mirror those of traditional natural diamond brands, directly addressing the growing demand for ethically sourced and more affordable diamond alternatives.
Dorsey, while always using and labeling its products as lab-grown, has consciously avoided marketing itself primarily on this aspect. Strachan believes that the brand's strength lies in its integrity and design rather than solely on the origin of its diamonds. She aims for customers to recognize Dorsey's unique aesthetic first, with the lab-grown aspect being a secondary consideration. This approach contrasts with the broader diamond industry's efforts to distinguish natural diamonds from their lab-grown counterparts, as seen in the National Diamond Council's "the OG" campaign in 2025, which positioned natural diamonds as authentic and lab-grown gems as "the dupe."
Despite the broader industry's stance, Strachan contends that the increased attention, even if critical, has ultimately benefited the lab-grown market by boosting its visibility. However, she remains firm in her conviction that the long-term success of a brand is not solely dependent on being 'lab-grown.' Instead, she emphasizes that a company with strong brand integrity, innovative design, and a keen understanding of evolving consumer needs will thrive. Strachan's strategy deviates from the rapid scaling approach often adopted by direct-to-consumer (DTC) brands of the 2010s. Having witnessed the limitations of building a reputable brand with staying power in just a few years through venture capital-driven growth, she advocates for a more deliberate, sustained development model.
Instead, Strachan draws inspiration from heritage brands that have cultivated longevity over decades, often predating the social media era, without an immediate 'exit' strategy in mind. While Dorsey initially bootstrapped its operations, Strachan secured a seed round in 2022 and a Series A in 2024. However, she downplays the significance of fundraising amounts, asserting that they do not necessarily reflect a company's health or trajectory. She views funding as a helpful catalyst, but one that also comes with potential drawbacks. Dorsey's first funding round in 2021 coincided with Strachan transitioning from her contractor role at Girlfriend Collective and achieving $1 million in sales. The brand has maintained profitability every year, with funding strategically invested in developing new stones and designs to support its measured expansion.
Strachan meticulously crafts Dorsey's brand narrative, attributing the company's growth to her ability to shape its editorial vision. She believes that consumers connect with jewelry through the context in which it is presented, such as how it complements an outfit or contributes to a lifestyle, rather than merely its material composition. This emphasis on 'context creation' or 'world-building' is, in her view, crucial for establishing a successful consumer business in the current market landscape. Unlike the DTC boom that prioritized growth at all costs, leading to a homogenization of aesthetics, Strachan believes that brands with a strong editorial perspective are best positioned for future success. This blend of creativity and revenue-driven decisions forms the cornerstone of her strategy to build Dorsey into what she terms a 'new heritage company.'
Dorsey, initially focused on diamonds, has diversified its offerings to include lab-grown sapphire, moissanite, and other colored gemstones, each catering to different price points and broadening its customer base. The recent introduction of moissanite in September 2025 has proven popular among customers seeking an upgrade from sapphire who may not yet be ready for a diamond purchase. Strachan notes the growing appeal of these expanded offerings, attracting both seasoned collectors and new jewelry buyers. The inherent flexibility of the lab-grown industry allows Dorsey to experiment with various cuts, colors, and designs, a core focus for the brand's future development. This week, Dorsey is unveiling its fall collection featuring earth-toned diamonds, challenging the misconception that colored lab-grown diamonds are difficult to produce. The brand's ability to innovate extends to its designs, moving beyond the simple Rivière necklace to more complex pieces made possible by access to advanced factories.
Strachan envisions Dorsey developing 'true heritage design' that can be passed down through generations, mirroring the legacy of her grandmother, the brand's namesake. To achieve this, Dorsey releases approximately 20 collections annually, incorporating seasonal elements like vibrant colors, leather, and cord in summer, and classic white and yellow gold in cooler months. Recent summer collections featured colorful enamel and moissanite necklaces and anklets, alongside floating emeralds and 'golden' diamond necklaces, demonstrating the brand's commitment to staying current and innovative. With the changing season, Strachan is reintroducing Dorsey's 'archival pieces'—vintage-inspired designs reimagined with modern silhouettes and materials. Today's launch includes exquisite 3-inch drop diamond earrings in bezel-and-prong settings for $7,750, and 2.5-inch earrings suspended from huggies in an eight-prong setting for $7,990. The collection also features warm-toned, square huggie diamond earrings in various sizes and seven different shapes of solitaire rings, catering to the surge in lab-grown engagement proposals. Strachan's long-term vision is to redefine the jewelry category by building a heritage company in a thoughtful, perhaps 'old-fashioned,' yet innovative way.
