In 2017, Weindling co-founded Clean Origin with former Alex and Ani Chief Marketing Officer Ryan Bonifacino. Clean Origin was one of the early pioneers in exclusively selling lab-grown diamonds online, positioning itself as a socially responsible alternative in the market. With former Signet Jewelers CEO Terry Burman joining as an advisor, the company gained early traction, achieving a valuation of over $100 million.
Clean Origin sought to attract socially conscious consumers by highlighting the environmental and ethical benefits of lab-grown diamonds, a claim that has since been debated within the industry. Although the company initially found success, it faced challenges that eventually led to its decline.
The Challenge of Differentiation and Fierce Competition
Despite its strong start, Clean Origin struggled to differentiate itself in a market saturated with lab-grown diamond retailers. Its product offering was not significantly different from competitors, and as lab-grown diamonds became more common, competition increased from companies with larger budgets and greater name recognition, like Brilliant Earth and Blue Nile.
Clean Origin faced rising costs in digital advertising, as well as increased competition in pricing due to the rapidly falling cost of lab-grown diamonds. These challenges led the company to open physical retail locations in 2021, hoping to offset online competition. However, running physical stores also came with significant costs, including rent and staffing, which strained the company's finances.
The Pandemic Boom and Bust
During the COVID-19 pandemic, Clean Origin experienced a surge in growth, with revenues increasing from $11 million in 2019 to $25 million in 2021. However, post-pandemic, the jewelry market cooled, and Clean Origin found itself struggling once more.
In 2022, the company received a $20 million investment from India's Titan Group, valuing the company at over $150 million. Yet, by 2023, Titan had reduced the value of its investment by 30%, citing intense competition and falling prices in the lab-grown diamond sector due to oversupply.
The Sale and the End of Clean Origin's Independence
By 2023, Clean Origin began closing its higher-end website, Great Heights, and Weindling stepped back from day-to-day operations. The company faced lawsuits over unpaid debts, and Titan fully wrote off its investment, effectively valuing Clean Origin at zero.
In 2024, Clean Origin was acquired by Grown Brilliance, a vertically integrated lab-grown diamond company with over 250 growers. The acquisition marked the end of Clean Origin’s journey as an independent company, with its website now part of Grown Brilliance’s portfolio.
According to Grown Brilliance’s CEO, Tejas Shah, the lab-grown diamond industry is expected to see further consolidation as competition continues to rise.
This fall from grace highlights the challenges faced by online jewelry retailers, particularly in a competitive market where differentiation and cost management are key to survival.
For more information, visit AIDI International Smart Diamond Association at www.aidi.org.