Jain aims to position his brand as a high-quality yet competitively priced option, targeting younger consumers
Mumbai: Rupesh Jain, the founder of Candere, is set to launch a new lab-grown diamond (LGD) jewellery brand, marking his return to the industry. Jain founded Candere in 2013 as an online jewellery platform and later sold it to Kalyan Jewellers through a phased acquisition, with the final stake transfer completed in 2024. His new venture is scheduled to launch this April during Akshaya Tritiya, a period considered auspicious for beginnings and jewellery purchase in India.
Lab-grown diamonds offer a cost-effective alternative to natural diamonds while maintaining similar physical, chemical and optical properties. Jain emphasized the affordability of LGDs in comparison to natural diamonds, telling a media portal, “If a natural diamond is priced at Rs 100, an equivalent LGD costs just Rs 20-25, making high-quality solitaires accessible to a much larger consumer base.”
The increasing adoption of LGDs is largely attributed to younger consumers, particularly Gen Z and millennials, who are driving the demand for sustainable and ethically sourced jewellery. Jain aims to establish his new brand as a premium yet competitively priced option within the industry. “We aim to offer product quality comparable to global luxury houses like Cartier and Tiffany, but at a more competitive price,” he said, according to media reports.
The new venture will initially operate through an online-first model, with plans to expand into offline retail as the brand grows. Currently boot-strapped, Jain is focusing on building a skilled team, including senior professionals in merchandising, and collaborating with a technology agency to enhance digital operations.
The demand for LGDs has been increasing globally, driven by advancements in technology and shifting consumer preferences due to ethical considerations. In India, the category remains in its early stages but is expanding rapidly, with many existing players getting into it and also the launch of new brands, highlighting the growing interest in this market.
On a global scale, lab-grown diamonds have seen increased acceptance, particularly in the United States and China. India, with its established diamond-cutting and polishing industry, is well-positioned to become a major player in this segment. Government incentives and policies supporting LGD production are expected to further drive industry growth.
As awareness and acceptance of lab-grown diamonds continue to rise, Jain’s new venture aims to capitalize on this trend.
Retail Jeweller India News
