In a new trend sweeping India’s wedding jewelry market, couples are increasingly opting for lab-grown diamonds as a chic, budget-friendly alternative to traditionally mined diamonds. This shift is revolutionizing wedding jewelry choices across India, with many couples, like Riya and Abhishek—who are set to tie the knot in January 2025—opting to channel their savings from lab-grown diamond purchases into other investments.
Initially planning to spend around Rs 35 lakh on a natural diamond set, Riya and Abhishek discovered they could purchase a similar lab-grown diamond design for just Rs 7.5 lakh. “With the savings, we’ll invest in Sovereign Gold Bonds,” Riya shared, capturing a sentiment echoed by many young Indian couples seeking to balance quality with cost-effectiveness.
Lab-grown diamonds, celebrated for their visual appeal and sustainable production, are gaining traction across India’s $80 billion gems and jewelry market, which until recently has allocated only 5% to diamond jewelry. Industry insiders, like Rajat Gaur, co-founder of the lab-grown diamond startup The6C, note that almost 30% of Indian customers who hadn’t previously bought diamonds are now considering lab-grown options.
“The combination of quality and affordability resonates well, particularly in wedding jewelry,” says Vidita Kochar, co-founder of JewelBox. Her brand has seen a surge in demand for lab-grown diamond wedding jewelry, especially since securing a Rs 2 crore investment on Shark Tank. While full acceptance across all wedding jewelry segments is still unfolding, lab-grown diamonds are already making significant inroads in engagement rings and statement pieces.
The demand for these eco-friendly diamonds has led to unprecedented growth for brands like JewelBox, which recently launched three new stores in Delhi, Chennai, and Guwahati. The brand reported a 300% increase in revenue over the past year, underscoring the rising popularity of lab-grown gems among Indian customers. “Our engagement ring collection is particularly popular,” Kochar explains, “as customers enjoy the chance to buy larger, more brilliant diamonds without exceeding their budget.”
The appeal of lab-grown diamonds also lies in their affordability. A natural 2-carat diamond can cost around Rs 15 lakh, whereas a similar lab-grown stone with matching clarity and color is priced at just Rs 40,000. According to the sibling founders of Tvish, Rohan and Shaily Pincha, these cost savings are a key factor driving demand, especially for engagement and wedding jewelry.
Lab-grown diamonds are produced in about 55 days through a process that mimics natural conditions, making them visually and structurally identical to mined diamonds but without the environmental toll. This sustainable approach has positioned lab-grown diamonds as a key player in affordable luxury, resonating with a new generation of consumers who prioritize value and environmental responsibility.
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