With gold prices hitting record highs, demand for lab-grown diamond (LGD) studded jewellery — crafted with minimal gold — has surged in recent months. Budget-conscious consumers took a shine to this alternative jewellery option during this year’s Akshaya Tritiya.
The price of the yellow metal, which briefly touched ₹1 lakh per 10 gram before cooling to around ₹96,000 — still nearly 30 per cent higher than last year’s Akshaya Tritiya — has driven many shoppers to explore affordable jewellery alternatives. Industry estimates suggest that LGD jewellery clocked sales of around ₹200 crore during the Akshaya Tritiya week alone.
Lab-grown diamonds are identical to natural diamonds in physical, chemical, and optical properties. The key difference is that they are created in labs using advanced chemical processes.
Akoirah by Augmont, one of the exclusive brands for LGD, has seen a sharp rise in jewellery sales during Akshaya Tritiya. The company offered competitive gold rates in the market, along with festival offers such as 10 grams of gold coins at the month’s lowest price for consumers buying LGD jewellery for above ₹1 lakh. For purchases between ₹80,000 and ₹1 lakh, it offered customers 5 gm of gold.
Aukera, another exclusive LGD brand, had launched bracelets with IGI-certified LGD to attract customers.
Namita Kothari, Founder at Akoirah, said there was a clear shift in buying patterns with more consumers actively exploring LGD jewellery as an alternative to traditional gold. “Our lightweight LGD collection resonated especially well with first-time buyers, while 35 per cent of our customers during the season were repeat buyers,” she said.
There was a healthy traction across price points ranging from ₹15,000 to ₹80,000, with everyday studs, rings and pendants emerging as top performers, added Kothari.
LGD jewellery meets the demand of millennials and Gen Z consumers as they offer real diamonds which are 30-50 per cent cheaper than natural diamonds. When paired with light-weight gold such as 14 carat or 18 carat gold, LGD jewellery offers a more affordable alternative to traditional high-carat gold and solitaire jewellery. Retailers are expanding their LGD collections and positioning them as sustainable and stylish options to attract modern buyers.
Prithviraj Kothari, Managing Director, RiddiSiddhi Bullions, said LGDs are definitely gaining traction in the marketplace and uniquely positioned to become a new and exciting category particularly when gold prices are hovering around all-time high.
“As awareness and availability increases, I believe this segment will move from niche to a mainline product category, particularly in the urban and semi-urban marketplace. It combines a level of aspirational with affordability — making it unique choice during weddings, festivals and lifestyle gifting,” he said.
Published on May 3, 2025
