Lab-grown diamonds (LGDs) witnessed a important surge in gross sales throughout the Dhanteras-Diwali interval final week, in line with business executives. The hottest class amongst buyers was LGD engagement rings, in line with an ET report. Additionally, digital gold additionally gained traction amongst festive season buyers, experiencing a year-on-year enhance in gross sales of as much as 60%.
Pooja Sheth Madhavan, the founder of Limelight Diamonds, the largest LGD model in the nation, acknowledged, “Our sales saw a huge increase this Diwali, with revenue surging 2.2 times (a 120% increase) compared to the previous year.” Madhavan additional added, “Acceptance for LGD jewellery has significantly increased, and jewellery with bigger solitaires, especially those above 2 carats, was trending in metro cities.”
LGDs, which have emerged as a substitute for natural diamonds at a extra reasonably priced worth, gained recognition this festive season as costs dropped to lower than half of the earlier 12 months. The worth of LGD rings with a 1-carat solitaire fell to Rs 80,000 to Rs 1 lakh, in comparison with Rs 2 lakh final 12 months, considerably decrease than the Rs 5 lakh price of a 1-carat natural diamond ring.
Madhavan expressed optimism about the future of LGD jewelry gross sales, stating, that they’ve witnessed a important enhance in gross sales of pure solitaire-based jewelry, even in tier-2 cities by way of our level of gross sales. This class will proceed to prosper, and the firm plans to open 10 extra shops in the coming months.
Smit Patel, director of Greenlab Diamonds, a business-to-business participant in the LGD section, revealed that each one of their inventory was bought by retailers. He stated, “I am left with no stock of LGD. Last year, there were only a few LGD retailers, but this year the number has increased to 4,000, indicating a huge demand for LGDs.”
It is value noting that Patel’s firm had manufactured the 7.5-carat LGD that Prime Minister Narendra Modi gifted to Jill Biden, the first woman of the US, throughout his state go to in June.
In addition to LGDs, digital gold additionally witnessed a important rise in gross sales throughout the Dhanteras-Diwali interval. SafeGold, a digital gold platform that enables customers to lease their gold to jewellers for revenue era, reported a 50-60% year-on-year progress.
Rhea Chaterji, head of the shopper enterprise at SafeGold, shared, “This year, the highest investment in our digital platform was Rs 3 crore, which means the person had accumulated 4.7 kg of gold with us. Last year, the highest figure was 1.5 kg of gold.” Chaterji additionally famous that the common ticket dimension for repeat clients was Rs 13,000, whereas for new clients it was Rs 17,500. The platform noticed investments starting from Rs 1,500-2,000 by way of fee platforms and Rs 9,000-13,000 by way of banking platforms.
According to Chaterji, the clients comprised a combine of older millennials, younger mother and father, and monetary advisors who sometimes allocate 7-10% of their portfolio to gold and subsequently lease it.
Pooja Sheth Madhavan, the founder of Limelight Diamonds, the largest LGD model in the nation, acknowledged, “Our sales saw a huge increase this Diwali, with revenue surging 2.2 times (a 120% increase) compared to the previous year.” Madhavan additional added, “Acceptance for LGD jewellery has significantly increased, and jewellery with bigger solitaires, especially those above 2 carats, was trending in metro cities.”
LGDs, which have emerged as a substitute for natural diamonds at a extra reasonably priced worth, gained recognition this festive season as costs dropped to lower than half of the earlier 12 months. The worth of LGD rings with a 1-carat solitaire fell to Rs 80,000 to Rs 1 lakh, in comparison with Rs 2 lakh final 12 months, considerably decrease than the Rs 5 lakh price of a 1-carat natural diamond ring.
Madhavan expressed optimism about the future of LGD jewelry gross sales, stating, that they’ve witnessed a important enhance in gross sales of pure solitaire-based jewelry, even in tier-2 cities by way of our level of gross sales. This class will proceed to prosper, and the firm plans to open 10 extra shops in the coming months.
Smit Patel, director of Greenlab Diamonds, a business-to-business participant in the LGD section, revealed that each one of their inventory was bought by retailers. He stated, “I am left with no stock of LGD. Last year, there were only a few LGD retailers, but this year the number has increased to 4,000, indicating a huge demand for LGDs.”
It is value noting that Patel’s firm had manufactured the 7.5-carat LGD that Prime Minister Narendra Modi gifted to Jill Biden, the first woman of the US, throughout his state go to in June.
In addition to LGDs, digital gold additionally witnessed a important rise in gross sales throughout the Dhanteras-Diwali interval. SafeGold, a digital gold platform that enables customers to lease their gold to jewellers for revenue era, reported a 50-60% year-on-year progress.
Rhea Chaterji, head of the shopper enterprise at SafeGold, shared, “This year, the highest investment in our digital platform was Rs 3 crore, which means the person had accumulated 4.7 kg of gold with us. Last year, the highest figure was 1.5 kg of gold.” Chaterji additionally famous that the common ticket dimension for repeat clients was Rs 13,000, whereas for new clients it was Rs 17,500. The platform noticed investments starting from Rs 1,500-2,000 by way of fee platforms and Rs 9,000-13,000 by way of banking platforms.
According to Chaterji, the clients comprised a combine of older millennials, younger mother and father, and monetary advisors who sometimes allocate 7-10% of their portfolio to gold and subsequently lease it.
