The move is intended to enable transparent market pricing, streamline procurement and delivery of LGDs globally
Mumbai: Gold-trading platform Augmont has added Lab-Grown Diamonds (LGDs) to its existing online SPOT trading platform for precious metals, a strategic move aimed at streamlining the procurement of LGDs for jewellers while establishing a transparent and efficient pricing mechanism for the rapidly growing LGD market in India.
The enhanced SPOT 2.0 platform brings Augmont’s precious metals trading expertise to the growing LGD sector. This addition represents an evolution of diamond-trading infrastructure, particularly as India maintains its position as the world’s largest diamond-cutting and polishing destination.
Ketan Kothari, Director of Augmont Group, said, “Augmont has firmly established itself as India’s go-to destination for buying and selling gold. Building on this strong foundation, we are proud to have our own lab-grown diamond (LGD) platform on Augmont SPOT, addressing the surging demand in this rapidly growing industry. The platform will enable market pricing and delivery of these diamonds globally including USA, Europe, Gulf and East Asia.’’
Aarav Bafna, Product Head (LGD), Augmont, said, “With the extended version of SPOT, we plan to set a benchmark for LGD pricing. The current LGD pricing model, based solely on discounts relative to mined diamonds, is fundamentally flawed and irrational. Augmont is here to transform that narrative. Just as we revolutionized gold trading and price discovery in India, we are now ready to redefine and reimagine the LGD market.”
SPOT offers a comprehensive and unified trading experience, enabling jewellers to source all their manufacturing requirements—including gold, silver, platinum, lab-grown diamonds, precious metal alloys, precious stones, and other essential materials—through a single integrated online platform. It also features real-time price discovery powered by advanced algorithms and market mechanisms, ensuring transparent and fair pricing. Built upon Augmont’s 17-year-old trading infrastructure, catering to more than 5,000 jewellers across the country, SPOT ensures seamless integration for a reliable and efficient trading experience.
The platform addresses the growing demand for lab-grown diamonds, which have gained significant market share due to their sustainable nature and competitive pricing. SPOT is expected to handle substantial trading volumes, reflecting India’s dominant position in the global LGD polishing industry.
As per an EY report, the demand for LGDs is rising across the world, and its global market size is growing at 8.64% CAGR to touch $39.3 billion by 2028. The Indian lab-grown diamond jewellery market, which was valued at around $300 million in 2023, is set to increase to $1.2 billion by 2033.
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