Spence Diamonds
Spence Diamonds is a Canadian specialty retailer of engagement rings, wedding bands, and diamond jewelry, operating eight showrooms across BC, Alberta, and Ontario with handmade-to-order production, lab-grown and mined diamond options, and Canada-wide e-commerce plus Affirm financing.
- Company typePrivate
- Founded1978
- HeadquartersVancouver, Canada
- Headcount101–250
- GTM typeB2C
- OfferingHardware or Manufacturing
What Spence Diamonds does
Spence Diamonds is a Canadian specialty retailer of diamond engagement rings, wedding bands, and diamond jewelry, operating eight physical showrooms across British Columbia (Vancouver, Langley), Alberta (Calgary, Edmonton), and Ontario (Mississauga, Vaughan, Scarborough, Ottawa), with a corporate presence in Vancouver dating to its founding in 1978. The company's core product is a customizable engagement ring: customers browse from over 2,500 prototypes displayed in open showcases with visible pricing, are guided by Certified Diamond Consultants, and have rings handmade to order in Canada over a 2–3 week production cycle. The product portfolio also includes men's and women's wedding bands, anniversary bands, commitment bands, and a diamond jewelry line spanning earrings, necklaces, pendants, and bracelets. Spence offers two diamond categories — Artisan Created (lab-grown) and Consciously Mined (earth-mined) — plus colored lab-grown diamonds, giving customers a price-spectrum choice within the same brand.
Commercially, Spence operates a direct-to-consumer omnichannel model. Showroom sales are supplemented by an e-commerce storefront (spencediamonds.com) offering Canada-wide shipping with the documented exception of Quebec, supported by in-store pickup at any of the eight locations and an integrated Affirm (formerly PayBright) financing option for orders between $50 and $15,000 CAD paid in four installments or monthly. The Lifetime Trade-Up Program guarantees 100% of original purchase price as credit toward future upgrades, a 30-day moneyback guarantee applies to all purchases, and complimentary lifetime cleaning and inspection is offered across all locations. Pricing is unit-based: engagement rings start around $1,405 for a classic round solitaire and scale by carat, metal (10KT or 14KT in white, yellow, or rose gold), and diamond selection; diamond jewelry starts at $199 for select sterling-silver pendants and exceeds $1,800 for higher-carat 14KT gold earrings. The leadership team is led by founder Doug Spence, with Faheem Gwadry serving as COO/CFO, Frank Hamlin as CMO, Dennis Tieu as VP Inventory Manager, and Jason Wong as Director of Marketing and Digital. In July 2025, TriWest Capital Partners acquired a majority stake, transitioning the company to PE ownership under its existing Spence Diamonds brand and operating model.
Spence Diamonds firmographics
Firmographics- Name
- Spence Diamonds
- Legal name
- Spence Diamonds Ltd.
- Website
- https://spencediamonds.com
- Company type
- Private
- Founded year
- 1978
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Spence Diamonds is a Canadian specialty retailer of engagement rings, wedding bands, and diamond jewelry, operating eight showrooms across BC, Alberta, and Ontario with handmade-to-order production, lab-grown and mined diamond options, and Canada-wide e-commerce plus Affirm financing.
- Ownership category
- akta.pro rank
Spence Diamonds industry classification
Industry- Product category
- Fine Jewelry Retail
- NAICS
- Jewelry Retailers (458310), Jewelry, Luggage, and Leather Goods Retailers (4583)
- SIC
- Retail-Jewelry Stores (5944), Jewelry, Precious Metal (3911)
- akta.pro primary industry
- Diamond Jewelry (CRAKAAAA)
- akta.pro secondary industries
- Bridal Diamond Jewelry (Earrings, Necklaces, Bracelets) (CRAKACAD), Lab-Grown Diamond Bridal Jewelry (CRAKACAF), Synthetic/Lab-Grown Diamonds & Gemstones (Manufacturing & Trading) (CRAKAJAM)
Keywords
Where Spence Diamonds is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices8 records
Markets served
Spence Diamonds business model
Business model- GTM type
- B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Diamond Jewelry Sales: One-time sales of engagement rings, wedding bands, diamond earrings, necklaces, bracelets and other diamond jewelry. Products are priced individually with starting prices ranging from hundreds to thousands of dollars. Custom orders are made to order with a 2-3 week production time.
- Financing Services: Partnership with Affirm (formerly PayBright) to offer installment payment plans for purchases between $50 and $15,000 CAD, allowing customers to pay in 4 or monthly installments.
- Gift Cards: Physical gift cards available for purchase in-store at any of the eight locations, with values ranging from $25 minimum to $10,000 maximum.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Engagement rings starting from $1,405 for basic solitaire styles |
| Unit Pricing | Pay-as-you-go | Diamond earrings and jewelry starting from $199 |
| Subscription | Monthly | Affirm financing available for orders $50 to $15,000 |
| Other | Pay-as-you-go | Gift cards available from $25 to $10,000 |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels8 records
Spence Diamonds product offering
Product offeringCore offering
Spence Diamonds is a Canadian diamond and jewelry retailer that designs, handcrafts, and sells engagement rings, wedding bands, anniversary bands, commitment bands, and diamond jewelry (earrings, necklaces, bracelets). The company offers both Artisan Created (lab-grown) Diamonds and Consciously Mined (earth-mined) Diamonds, and produces rings made-to-order in Canada. Sales occur through eight retail showrooms across British Columbia, Alberta, and Ontario and via an e-commerce site shipping across Canada (excluding Quebec).
Product overview
Spence Diamonds is a Canadian jewelry retailer specializing in diamond engagement rings and diamond jewelry, with 8 physical showroom locations across Canada. The product portfolio centers on customizable engagement rings (Solitaire, Halo, Multi Stone, and trending styles) offered alongside men's and women's wedding bands, anniversary bands, and commitment bands — all spanning over 2,500 ring styles. The jewelry lineup includes diamond earrings, necklaces, pendants, and bracelets. Spence distinguishes itself by offering two diamond types: Artisan Created Diamonds (lab-grown) and Consciously Mined Diamonds (earth-mined), plus colored diamond options. Key services include a made-to-order ring process (handmade in Canada in 2–3 weeks), a Lifetime Trade-Up Program (100% credit toward upgrades), free lifetime cleaning and inspection, and financing via Affirm. Gift cards in physical form are also available.
Differentiator
Problem solved
Functional benefit
Products and services
- Engagement Rings Primary product line offering customizable engagement ring styles (Solitaire, Halo, Multi Stone, and trending designs) handcrafted to order in Canada for individual customers.
- Wedding Bands Men's and women's wedding bands spanning traditional to edgy designs, made-to-order in Canada.
- Anniversary Bands Diamond anniversary bands featuring pavé settings and Artisan Created diamonds set in gold bands (10KT, 14KT).
- Commitment Bands Rings designed to celebrate all forms of love and commitment, offered as an inclusive alternative to traditional wedding bands.
- Diamond Earrings Diamond stud, hoop, drop, and floral-inspired earrings featuring Artisan Created and earth-mined diamonds set in 14KT gold and sterling silver.
- Necklaces & Pendants Diamond necklaces and pendants including Infinity, Solitaire Drop, and EverBloom designs featuring Artisan Created diamonds set in 14KT gold.
- Diamond Bracelets Diamond tennis bracelets and other diamond bracelet designs featuring Artisan Created diamonds.
- Artisan Created Diamonds Lab-grown diamonds marketed as socially and environmentally responsible alternatives to earth-mined diamonds, available in white and colored varieties.
- Consciously Mined Diamonds Earth-mined diamonds that are consciously sourced and hand-reviewed to ensure quality, offered alongside Artisan Created diamonds.
- Artisan Created Coloured Diamonds Colored lab-grown diamonds available in various hues including blue, yellow, green, and other colors.
- Gift Cards Physical gift cards available at any Spence Diamonds store location in values from $25 to $10,000, with no expiration date.
- Lifetime Trade-Up Program Program allowing customers to trade in eligible Spence diamond jewelry at any time and receive 100% of the original purchase price credited toward a larger diamond or piece of jewelry.
- Made-to-Order Ring Process Custom ring creation service where customers browse 2,500+ styles, hand-pick their diamond in-store, and have their ring handcrafted to order in two to three weeks.
- Free Lifetime Cleaning & Inspection Complimentary lifetime cleaning using industrial-grade steam and ultrasonic cleaners, along with annual ring inspections at all eight Spence store locations.
Quantifiable outcome
- 100% price credit toward larger diamond through Lifetime Trade-Up Program
- +2 more outcomes
Companies that use Spence Diamonds
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Spence Diamonds technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature4 records
Spence Diamonds partnerships and signals
Strategic signalScale indicators4 records
Recent moves5 records
Expansion highlights6 records
Spence Diamonds competitors and assessment
Company assessmentDirect peers
- Brilliant Earth: U.S.-based D2C jewelry retailer focused on engagement rings with a strong lab-grown and ethically sourced diamond offering, transparent pricing, and online-first model. Directly comparable to Spence in product mix, target customer (engagement-focused), and lab-grown positioning.
- Peoples Jewellers: Canada's largest jewelry retailer (part of Signet Jewelers) with mall-based and standalone stores selling diamond engagement rings and bridal jewelry. Closest geographic and category peer to Spence, though its model is more traditional mall-based versus Spence's open-showroom concept.
- Birks: Canadian luxury jeweler operating showrooms across major Canadian cities, selling engagement rings, watches, and fine jewelry. Comparable to Spence in Canadian footprint, bridal category leadership, and showroom-style retail, though positioned at a higher price point.
- Michael Hill: Australia/New Zealand-headquartered jewelry chain with stores across multiple geographies, specializing in diamond engagement rings and bridal jewelry with mid-market positioning. Comparable business model (multi-store retail, made-to-order, bridal-led) though geographically primarily in Australasia.
- Blue Nile: Online-first diamond and engagement ring retailer (now part of Signet Jewelers) known for transparent pricing and large diamond inventory. Comparable to Spence's engagement-ring focus and transparent pricing differentiator, but operates primarily online rather than via showrooms.
- James Allen: Online diamond retailer (Signet-owned) with strong focus on engagement rings, 360-degree diamond viewing, and customization. Directly comparable to Spence's bridal-led, customizable, made-to-order engagement ring offering, though delivered entirely online.
- Mejuri: Direct-to-consumer fine jewelry brand with a focus on lab-grown diamonds, transparent pricing, and digital-first marketing targeting younger consumers. Comparable to Spence in lab-grown diamond positioning and transparent pricing ethos, though focused on everyday fine jewelry rather than bridal.
Broad incumbents
- Tiffany & Co. Global luxury jewelry flagship (LVMH-owned) selling engagement rings, fine jewelry, and watches. Comparable as an aspirational bridal-jewelry incumbent, but operates at a substantially higher price point and broader portfolio than Spence's mid-market positioning.
- Kay Jewelers (Signet Jewelers): Largest U.S. specialty jewelry retailer (part of Signet Jewelers) with mall-based stores selling engagement rings and bridal jewelry. Comparable in mid-market bridal-jewelry retail, though it operates primarily in the U.S. and follows a traditional locked-case showroom model.
- Pandora: Global jewelry brand with branded stores and concession-based retail selling charm, ring, and necklace collections. Comparable as a multi-store jewelry retailer, though it operates at lower price points and focuses on fashion rather than bridal diamonds.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Spence Diamonds social profiles
Digital presenceSpence Diamonds financial estimates
Financial estimateRevenue estimate
Valuation estimate
Spence Diamonds leadership team
Management profileNumber of profiles
Profiles5 records
Spence Diamonds funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Spence Diamonds M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Spence Diamonds
What does Spence Diamonds do?
Spence Diamonds is a Canadian diamond and jewelry retailer that designs, handcrafts, and sells engagement rings, wedding bands, anniversary bands, commitment bands, and diamond jewelry (earrings, necklaces, bracelets). The company offers both Artisan Created (lab-grown) Diamonds and Consciously Mined (earth-mined) Diamonds, and produces rings made-to-order in Canada. Sales occur through eight retail showrooms across British Columbia, Alberta, and Ontario and via an e-commerce site shipping across Canada (excluding Quebec).
Is Spence Diamonds a public or private company?
Spence Diamonds is a private company. It is classified as private equity controlled and is currently operating.
When was Spence Diamonds founded?
Spence Diamonds was founded in 1978. It employs 101 to 250 people.
Where is Spence Diamonds based?
Spence Diamonds is headquartered in Vancouver, Canada, in the North America region.
How does Spence Diamonds make money?
Three revenue lines are on record. Diamond Jewelry Sales are the primary driver. The others are financing Services and gift Cards.
Who are Spence Diamonds's main competitors?
Direct peers on record are Brilliant Earth, Peoples Jewellers, Birks, Michael Hill, Blue Nile, James Allen and Mejuri. Broad incumbents are Tiffany & Co., Kay Jewelers (Signet Jewelers) and Pandora.
Does Spence Diamonds have an API?
No public API is recorded for Spence Diamonds.
What industry is Spence Diamonds in?
Spence Diamonds's product category is Fine Jewelry Retail. Its primary akta.pro industry code is CRAKAAAA, Diamond Jewelry, with a secondary code of CRAKACAD, Bridal Diamond Jewelry (Earrings, Necklaces, Bracelets). Its NAICS code is 458310 and its SIC code is 5944.