Svaraa Jewels reveals plans to tap into India’s dailywear segment through lab-grown diamond jewellery 

Brand founder Chahat Shah talks about rising popularity of lab-grown diamond jewellery in the West and the ample potential of Surat as a manufacturing hub to satiate market demands 

Surat – Since its inception in 2019, Svaraa Jewels has been making waves in the lab-grown diamond sector with a strategic omnichannel approach. Specialising in IGI and GIA-certified lab-grown diamonds, the startup is setting its sights on capturing a slice of India’s rapidly expanding daily wear jewellery market, projected to reach $60 billion by FY28. 

“There is a growing popularity of lab-grown diamonds in the West. Surat’s rise as a key hub for lab-grown diamonds and gaps in the traditional market such as outdated designs and high prices have helped Svaraa Jewels rise to prominence. We look at contributing significantly to India’s rising demand for daily wear jewellery,” said Chahat Shah, CEO, Svaraa Jewels.  

Under Shah’s leadership, Svaraa Jewels has demonstrated impressive growth. The bootstrapped venture reported a fivefold increase in revenue for FY24, reaching INR 16.5 crore, and is targeting INR 25 crore in revenue for FY25.  

The startup has adopted an omnichannel strategy, with 90% of sales coming from offline stores and 10% from online platforms, where the average order value is INR 70,000. Shah notes that customers typically explore options online before making in-store purchases, creating a symbiotic relationship between the two channels that boosts overall sales. 

Currently, Svaraa operates two retail outlets—one in Ahmedabad and another in Mumbai—and serves customers across 6,000 pin codes in India. The company plans to expand its physical presence significantly, aiming to open 5-10 new stores and achieve 100-120 online orders per week. Long-term goals include expanding into Tier II cities and eventually exploring international markets, with a vision of establishing over 100 stores in India by 2030. 

Besides Svaraa Jewels, the Indian lab-grown diamond industry constitutes Fionaa Diamonds, Aukera, Giva, Bluestone, and several other up and coming players. Additionally, the lab-grown diamond industry contends with challenges such as lukewarm interest in man-made diamonds and competition from cheaper imports. 

The Indian lab-grown diamond market, valued at $299.9 million in 2023, is set for substantial growth, with projections indicating it could soar to nearly $1.2 billion by 2033. This trend reflects a shift towards sustainability and broader affordability in diamond jewellery, moving the sector from a niche luxury to a more mainstream offering. 

Retail Jeweller India News