Here's What Went Down With Eterneva Diamonds After Shark Tank

Adelle Archer and Garrett Ozar are the entrepreneurs behind Eterneva, the company featured on "Shark Tank" that uses carbon found in ashes or hair to make lab-grown diamonds. The business began after Archer lost a close friend to cancer and struggled to find a way to poignantly honor their life — until a chance conversation with a diamond scientist changed everything. "He just mentioned offhand how it's possible to extract carbon from ashes, and grow a real diamond from that," Archer recalled to Forbes in 2019. "I was just like, 'I'm literally trying to figure out what to do with ashes right now.' I couldn't think of anything more beautiful and more meaningful. That was really kind of the catalyst of it all."

Eterneva was simpler in its infancy, as the diamonds were created without much customer input. But Archer and Ozar realized such a sensitive and difficult subject required a bespoke experience. They included clients in the process more, giving them the ability to choose not only the size of the diamond but also modify colors and engravings. "This is really an opportunity to create an unforgettable experience to involve them in the journey. Our goal now is to change somebody's relationship to their grief by giving them something positive to look forward to," Archer explained. But to make that happen in the way they wanted, Archer and Ozar needed help. So they took their unique lab-grown diamonds (an increasingly popular choice for engagement rings) to the Sharks.

Adelle Archer and Garrett Ozar wanted to exchange 5% equity in Eterneva for $600,000 when they entered "Shark Tank" in 2019. The Sharks were impressed with their policy of customers paying in full upfront, even though the process takes 10 months. They were even more intrigued when Ozar shared that Eterneva made $913,000 in year one and estimated $2.7 million for 2019.

But things took a turn after the entrepreneurs announced they already had investors and had raised $1.2 million based on a $10 million valuation. Daymond John wasn't impressed; He scolded the duo for taking up a "Shark Tank" spot knowing they had funds and declared himself out. Lori Greiner followed, admitting she felt uneasy about a deal. Though Mark Cuban agreed they didn't need investment, he offered the full amount for 15%. Robert Herjavec made an offer of $600,000 for 10%, while Kevin O'Leary, who was also willing to invest in Do Amore's ethical diamonds, put himself forward at 12%. Archer and Ozar wanted Cuban and Herjavec, so asked if they'd team up for $500,000 and 5% equity each. But Herjavec shot back that the pitch stalled when they spoke about their investors and made it clear that 5% wasn't enough. Ozar tried to sweeten the deal with 1% advisory shares each, but a perturbed Herjavec took back his offer. After even more negotiation, Eterneva finally landed a deal with Cuban and agreed on $600,000 for a 9% stake.

In October 2019, Adelle Archer opened up about appearing on "Shark Tank" on Instagram. "It was a humbling opportunity to put the spotlight on the lives of remarkable people who are no longer here, and their amazing families that keep their legacy alive every day," she wrote. Eterneva continued evolving with Mark Cuban's help, and Archer told Built In Austin in 2021 that the business had raised $10 million over three years, including Cuban's investment and funds from other sources. "This is just the beginning. There's so much momentum that's happening," she shared. "We've actually had to pause on a few partners because we don't have enough capacity to be able to keep up with it. So a big part of this [funding] round is to add capacity to be able to keep up with demand," she added. The company's investments have since risen to $25 million, according to Archer's LinkedIn, which included the SoGal Foundation investing $250,000 in 2020 after Eterneva won its women and diverse founders global pitch contest.

But that's only one of the achievements that came after "Shark Tank." Archer, who's becoming one of Shark Tank's most successful female entrepreneurs, was named one of Forbes' 30 under 30 in 2020 and landed a spot on the Women We Admire list of Top 50 Women Leaders of Texas for 2024. That same year, Eterneva was featured during Tony Robbins' Unshakeable Business event, with Robins on Instagram describing the concept as "beautiful."

As of October 2024, Eterneva is still in business and getting plenty of interest. According to Adelle Archer's LinkedIn, the company counts Andy Roddick, Stassi Schroeder, and Kenny Chesney amongst its customers and investors, plus it's reached the huge milestone of creating over 4,000 diamonds. The company has proven very popular on social media too, particularly on TikTok where it boasts 1.7 million followers. One viral video posted in May 2024 has been seen more than 1.6 million times and shows a stunning diamond ring made from ashes. The company boasts a further 188,000 followers on Instagram and 17,000 on Facebook.

Eterneva's sales and investments have also helped the business expand. The company, headquartered in Austin, Texas, has 30 employees and a projected annual revenue of $11 million. Growth has also meant change for Garrett Ozar, who went from chief strategy officer and co-founder to co-CEO alongside Adelle Archer in December 2022, per his LinkedIn.

If the numbers are anything to go by, Eterneva looks set to create meaningful diamonds for years to come. Which is good, seeing as Adelle Archer has big plans. "Our vision for Eterneva going forward is that we become the company that redefines the end-of-life space," she told Insperity, adding she wants the business to become more globally recognized. At the time of writing, Eterneva ships its welcome kits across the U.S., Canada, Australia, Mexico, Switzerland, Japan, and the U.K.

Archer also relayed to Forbes in 2019 that she's not afraid to expand Eterneva, potentially even beyond its flagship diamond product. "We draw a little circle and we're like, 'Okay, whatever we're doing is within the circle that's within our comfort zone which means we're not growing or expanding,'" she explained, though she didn't confirm explicitly what's next for the brand. "So, if it's slightly out of our comfort zone, then that's just expanding that circle and expanding what we're capable of doing.' I think inherently, the hustle is pushing yourself outside your comfort zone and doing things that might intimidate you. It's scary but that's what makes things happen," she added.