Akoirah to open 100 Lab-Grown Diamond stores across India

Akoirah, a Mumbai-based lab-grown diamond jewellery brand, has opened a test showroom in Pune and plans to open 100 stores across India within the next three years. The brand is owned by Augmont, associated with the gold industry and offers a comprehensive suite of gold solutions including gold loans, digital gold, gold coins & bars, old gold selling and jewellery.

As per the company, lab-grown diamonds are transforming the jewellery industry, offering a brilliant, sustainable alternative to mined diamonds. The global LGD market is projected to reach $1.2 billion by 2033, yet there remains a lack of trusted players in India, a gap that Augmont is poised to fill.

“The penetration of mined diamond jewellery in India is less than 5 per cent whereas 95 per cent of consumers want to own diamonds. Mined diamonds have negative returns and hence they are not an investment choice for Indian consumers, who are the smartest when it comes to value investments. With a trusted network of over four crore customers, over 5,000 jewellers and over 150 partner brands, Augmont combines cutting-edge technology with an unwavering commitment to trust, transparency, and innovation,” Ketan Kothari, director of Augmont.

A recent report by the Global Trade Research Initiative (GTRI) suggests that global demand for lab-grown diamonds is expanding because they look like natural diamonds but cost only 6 to 10 per cent as much, making them more affordable for consumers. The Indian industry is expanding rapidly due to rising domestic and global demands and increased production. The report suggests that in the fiscal year 2024, India produced 16 million carats of lab-grown diamonds, mainly in Surat and Mumbai. Valued at an estimated $2 billion per year, India has become a key player in the sector, with much of its revenue coming from exports to major markets like the United States and Europe. In FY2024, India imported lab-grown diamonds (both rough and cut and polished) worth US $1,384.2 million and exported $1,344.1 million.