Lab-grown diamonds find better traction at IIJS Premiere 2024

Ecolight Diamond (V-37F, JWCC) and AVP Star (X 44E, JWCC) are upbeat about retailers, both from independent and chain store brands, inquiring about LGD to diversify their lightweight and everyday segments

MUMBAI: Lab-grown diamond jewellery is increasingly becoming a steady category to watch out for in retail. Heeding to nationwide demands, IIJS Premiere 2024 witnessed an impressive section of manufacturers dealing with lab-grown diamonds. The Retail Jeweller interacted with Ecolight Diamonds and AVP Star to understand the pulse of the market.

Swapnil Jivani, founder of Feronia Jewellery, a sub-brand of Ecolight Diamond (V-37F, JWCC), stated that the journey with lab-grown diamonds started 7 years before with loose diamonds undr the banner of Ecolight. “It has been 3 years since our foray into lab-grown jewellery under the name of Feronia. We have two branches, one in New York and another one in Mumbai, and our manufacturing facility is located in Surat,” said Jivani.

“Our jewellery is a lot more delicate as compared to traditional Indian wear. Timeless pieces, and everyday fashion segment in the lightweight category. The bestsellers have always been tennis bracelets, but we specialise in fancy shape diamond jewellery,” added Jivani.

Another prominent entrant in the LGD manufacturing space, AV Star (X 44E, JWCC), has been building its clientele based on a three-decade-long reputation of natural diamond jewellery trade by its parent company, JK Star Pvt ltd. “The company has diversified into lab-grown diamonds through AV Star in the past 4 years after seeing stability improve in the retail demand for lab-grown jewellery. Currently, retailers are looking to expand their lightweight and fashion jewellery inventory, and thus seek more of studs and pendants in lab-grown. The demand for lab-grown bridal jewellery is not visible yet,” said Vishwa D Goyani, Director, AV Star.

Jivani and Goyani are unanimous in their faith on Indian retail’s affinity for LGD stock. “There are a lot more of lab-grown diamond jewellery manufacturers as compared to IIJS Premieres 2023 and 2022. The demand is rising from retailers,” said Jivan, adding that the company is getting most of the queries from retailers in Mumbai and South India. This is interesting because South India is considered to be an industry of puritans regarding natural diamond jewellery trade, and inquiries are coming from both chain store and independent brands therein.

“The year 2022 has seen negligible presence of lab-grown diamond jewellery at IIJS Premiere. The demand increased in 2023, and it is in full bloom this year. We have sales offices in Mumbai and New York, with the main office in Surat. Many customers who came last year are already buying from us and their demands are already increasing month-on-month,” said Goyani.

As per AV Star, most of the demands are from retailers and wholesalers in New York. In India, 5% of their business depends in direct-to-consumer trade, because not every retailer is interested in LGD. “Independent jewellers are approaching us more in India, because chain store brands need to transfer a huge load of inventory, but we are hopeful of getting orders from big chain store brands in the future,” concluded Goyani.

Written by Shubham Dasgupta

Retail jeweller India Exclusive