Swarovski pushes lab-grown diamonds in India in a big way

Swarovski, the Austrian affordable luxury company known for its glass based products like jewellery, watches and crystal decorations, is focusing on lab-grown or cultured diamond jewellery in India.

Nasr Sleiman, Swarovski’s general manager for India, Southeast Asia, and the Middle East said: “Created diamonds’ is now the fastest-growing business category in this region. We think it’s because the pricing is very attractive from the end-consumer standpoint. Globally, prices of diamonds have fallen, so this business will grow a lot in the coming days despite the fact that the category needs more awareness right now, “he said.

Industry members say natural diamonds are 10-30% cheaper than last year, depending on quality. Lab-grown diamonds are typically 40% the price of natural diamonds.

Swarovski launched their ‘created diamonds’ segment earlier in the year, and we want it to have a strong presence here. It was a big success in the US and that’s why we decided to roll this out in other important locations including China, Japan and Dubai,” Sleiman said.