Lab-made diamonds grow on buyers this Dhanteras-Diwali
Sales of lab-grown diamonds (LGDs) more than doubled during the Dhanteras-Diwali period last week, with LGD engagement rings emerging as the most popular category, said industry executives. Digital gold also found favour among festive season shoppers, seeing up to 60% year-on-year increase in sales, they said.
“Our sales saw a huge increase this Diwali and revenue surged 2.2x (120% increase) compared to the year-ago period,” said Pooja Sheth Madhavan, founder of Limelight Diamond,the largest LGD brand in the country.
“The acceptance for LGD jewellery has significantly increased and jewellery studded with bigger solitaires, namely 2 carat plus, was trending in the metro cities,” said Madhavan.
Smit Patel, director of Greenlab Diamonds, a business-to-business player in the LGD segment, said his firm’s entire stock was lifted by retailers. “I am left with no stock of LGD. Last year there were a few LGD retailers. This year the number has gone up to 4,000 retailers and there was huge demand for LGDs.”