From $680 to a $30 Million Building: The Remarkable Journey of Diamond Mogul Kang Seung-gi

Kang Seung-gi, known as the 'Diamond Mogul', shared his incredible journey from starting with just $680 to owning a $30 million building, overcoming numerous challenges along the way. His story was featured on the October 25th episode of EBS's 'Seo Jang-hoon's Neighboring Millionaire'. Kang is the first in Korea and the eighth in the world to successfully produce 'lab-grown diamonds', which are indistinguishable from natural diamonds in physical, chemical, and optical properties. He explained that lab-grown diamonds have a unique serial number engraved on the girdle for identification. However, if the engraving is removed, even seasoned gemologists cannot distinguish them without advanced equipment.

The episode showcased the fascinating process of creating lab-grown diamonds. Kang's son, Kang Sung-hyuk, who is the head of the Korean branch, explained, "We grow diamonds by depositing carbon onto a diamond seed." The revelation that even the seed can be made from diamond intrigued hosts Seo Jang-hoon and Jang Ye-won. Seo remarked, "This seems like modern-day alchemy," as he marveled at the process. Kang Sung-hyuk added, "Lab-grown diamonds grow about 1mm thick in 100 hours, and it takes 400-500 hours to grow a 1-carat diamond." These diamonds are known as 'ethical diamonds' due to their reasonable pricing and reduced environmental impact.

Kang Seung-gi started his journey with $680 saved during his military service, opening a small jewelry store in Jamsil. In 1987, during South Korea's economic boom, his foresight that the jewelry business would thrive paid off. He achieved monthly sales ten times the salary of a major corporation employee, bought a house within three years of marriage, and moved to the jewelry hub of Jongno within five years. However, after purchasing a 30-carat diamond on credit, the IMF financial crisis hit, marking his greatest challenge. Kang recalled, "Who would buy diamonds when even gold was being sold off?" Despite this setback, he successfully partnered with the world's leading diamond company for a wedding promotion, achieving annual sales of $5 million and eventually selling his company for $8.9 million. He returned to Jongno to build a $30 million diamond building, aspiring to become 'Korea's Tiffany'.

Towards the end of the show, Kang revealed his new ambition. Demonstrating how lab-grown diamond roughs easily penetrate solid ice, he highlighted their potential in semiconductor manufacturing due to their high thermal conductivity. Seo Jang-hoon commented, "It's like you've developed a new resource," predicting that if lab-grown diamonds expand into industrial use, Kang could become even wealthier than in the jewelry business. Kang expressed his determination to succeed in the industrial diamond market, envisioning South Korea as a future resource-exporting nation through lab-grown diamonds.

Next week's episode will feature 'Wing Mogul' Song Jin-seok, the creator of the world's top paragliders. EBS's 'Seo Jang-hoon's Neighboring Millionaire' airs every Wednesday at 9:55 PM and is available on Netflix and Wavve.

Kim Ji-won, TenAsia Reporter bella@tenasia.co.kr