Here is how India’s lab-grown diamonds are faring Premium
The Hindu
Discover the latest advancements and market trends of lab-grown diamonds in India, revolutionizing the diamond industry. Read more on The Hindu.
“This one is a conversation starter,” says Vinaya Gupta. Pushing her wavy burgundy hair back, she reveals a delicate pair of earrings. A cluster of small, brilliant-cut diamonds is set in a pattern that looks like a mini constellation. “They are gem quality, but lab-grown, planet positive and purse accessible,” says the 27-year-old entrepreneur shopping at Avira Diamonds, a swanky store that displays jewellery made of lab-grown diamonds (LGDs) in Chennai.
Like Vinaya, many millennials see LGDs not as a substitute, but as a practical alternative. Even celebrities such as Rihanna, Lady Gaga, Emma Watson, Penelope Cruz and Deepika Padukone, Duchess of Sussex Meghan Markle and conservationist Bindi Irwin have supported this democratic detour of the diamond business.
Recently, Prime Minister Narendra Modi gifted a 7.5-carat diamond grown in a lab in Surat to US First Lady Jill Biden during his state visit to Washington.
A viable alternative to their billion-year-old, naturally-formed counterparts mined from the depths of the earth, LGDs are now getting more popular with conscious consumers, fledgling jewellery brands and even some traditional diamond firms.
“The diamond industry is in for disruption. A storm is brewing. A growing aspirational class with a thoughtful and progressive mentality is supporting the LGD trend. It’s the perfect time for a brand like Aukera,” says its founder Lisa Mukhedkar.
She adds, “I always wanted to buy a pair of solitaire studs. Over the years, diamond prices soared, and the dream remained elusive. Finally, I chanced upon a lab-grown two carat certified piece. It exceeded my expectations on the 4Cs of diamond — carat, colour, clarity and cut. This is the story behind the six-month-old Aukera’s launch. Aukera in Basque means ‘choice’. I think LGDs are about sensible choices.”
The transition of LGDs from the lab to the lookbook was waiting to happen for many years. First, the diamond industry was unwilling to dilute and democratise its business. Second, there were purists who cried foul over the introduction of mass-produced ‘faux-real’ stones into a market they perceived as exclusive. But there was no stopping LGDs.