Lab Grown Diamonds (LGDs) have been gaining popularity in India and how. WER team brings to you the stories of five women-led LGD brands that are changing the jewellery landscape in India through their exquisite designs and promise of sustainability & ethical sourcing.
They say diamonds are for life, but does the same sentiment hold true for the recently popularised Lab Grown Diamonds (LGD) as well?
It’s safe to say, out PM agrees. During his 2023 US visit, PM Modi had gifted a 7.5 carat eco-friendly lab-grown diamond to Jill Biden, the then first lady.
PM Modi’s gesture highlighted the Indian government’s bullish approach to the future of LGDs in India. In the same year, the Indian government has abolished the five percent tax of diamond seeds in a bid to support the diamond industry, promote exports, and improve market accessibility.
A similar approach has been observed among consumers who have gradually warmed up to the idea of purchasing LGDs. As consumer values move towards authenticity and responsibility, the luxury and jewellery industries are quietly but profoundly transforming towards a new normal. No longer only about exclusivity or heritage, today's modern luxury jewellery is being redefined by brands that support sustainability, inclusivity and affordability.
This transition has added a boost to the Indian LGD market value. In 2023, the market value for lab-grown diamonds in India was approximately $2.61 billion. Data suggests that this segment will grow at a CAGR of 13.73% to reach a valuation of $8.31 billion by 2032.
Naturally, this boost is being capitalised by new-age brands, a plethora of them being led by women entrepreneurs blessed with an eye for beauty and sophistication.
Leading this revolution are inspiring women entrepreneurs. Be it Lisa Mukhedkar, founder of Aukera that recently raised $15 million in growth capital or Priyanka Gill, former Venture Partner at Kalaari Capital and Co-founder of the Good Glamm Group who ventured in the LGD market with her brand COLUXE, the list is long and illustrious.
These women leader’s brands promote lab-grown diamonds, responsible sourcing, community-driven methodologies along with tailored experiences, revolutionizing luxury as something not just gorgeous but considerate and attainable.
Women Entrepreneurs Review highlights five trailblazing women who are not only running thriving companies but actively forging a more progressive, purpose-driven future for the LGD segment in India and beyond.
Read on to know more.
