Spence Diamonds

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.

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

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

• Diamond engagement rings
• Fine jewelry retail
• Lab-grown diamonds
• Custom wedding bands
• Made-to-order jewelry

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices8 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core 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

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Scale indicators4 records

Recent moves5 records

Expansion highlights6 records

Direct 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

• Xx.com/spencediamonds
• Facebookfacebook.com/spencediamonds
• Instagraminstagram.com/shopspence
• Pinterestpinterest.ca/spencediamonds
• TikToktiktok.com/@shopspence
• LinkedInlinkedin.com/company/478072

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spence Diamonds