15 Nov 2023
Sales of lab-grown diamonds (LGDs) doubled during Dhanteras – Diwali week. Also, digital gold sales saw a year-on-year increase of 60%.
Indians are turning to lab-grown diamonds (LGDs), which are cheaper than natural diamonds. As per Limelight Diamonds, the largest LGD brand in the country, their sales grew by 120% this year compared to Diwali 2022. One carat solitaire LGD rings cost between ₹80,000 and ₹1 lakh, down from ₹2 lakh a year ago and far lower compared to a one carat natural diamond ring that costs around ₹5 lakh.
LGD sales have also increased in Tier 2 cities, where brands plan to expand. The number of LGD retailers in India has gone up to 4,000 from just a few last year. PM Modi gifted Greenlab’s 7.5 carat LGD to US First Lady, Jill Biden, on his June visit.
Besides, older millennials and young parents are investing around ₹13,000 on average for existing customers and ₹17,500 for new customers in digital gold via payment and banking platforms.