![\"\"](\"https:\/\/gjepc.org\/solitaire\/wp-content\/uploads\/2023\/09\/Avtaara.jpg\")
Another LGD jewellery brand, Fiona Diamonds co-founded by Parag Agrawal, electronics engineer, who staked an early entry in the nascent LGD consumer market in India in 2015, has seen a double-digit growth year-on-year with the exception of covid-hit period. \u201cLast year, we did around Rs. 32 crores in revenue from LGD jewellery sales and expect to grow positively by 30% this year\u201d, says Agrawal, adding that the brand has done well with digital natives by acquiring customers organically on its website and through social media channels. \u201cAlthough 80% of our sales come from retail, our website has played a major role in generating leads and in educating potential Indian diamond consumers about LGD benefits.\u201d Agrawal elaborates adding that about 20% of the LGD jewellery sales come directly from the brand\u2019s website. Fiona currently has 3 flagship stores in Mumbai, Bengaluru and Delhi and is already present in Shoppers Stop stores in Thane, Andheri and Kolkata.<\/p>\n
Although there are no clear statistics available to ascertain the current overall market share of LGD jewellery in India\u2019s precious jewellery market, LGD jewellery sellers indicate that the market is growing fast and will continue to do so with the right marketing measures. \u201cWe need to create more awareness which will be fuelled by distribution. Once we see more jewellery stores stocking LGD jewellery, people will become more aware of its availability and advantages,\u201d Agrawal notes.<\/p>\n
\u201cEducating Indian consumers is crucial and bigger fine jewellery brands entering the LGD jewellery market will only help that cause,\u201d states Anushika Shah, founder of Avtaara, another homegrown LGD jewellery brand, and a former consultant from Deloitte. \u201cOur Prime Minister Narendra Modi\u2019s gesture of gifting a large LGD to Jill Biden during his trip to the USA, has definitely helped in building curiosity among diamond buyers worldwide,\u201d she adds.<\/p>\n
This year, IIJS, too, hosted a special section for LGD growers and jewellery makers attracting many new home-grown brands. Kira was one such new B2B LGD brand. \u201cWe have entered with targeting the Indian domestic market from this IIJS show. We have received a great response from the India show and are seeing big market opportunities in the country\u201d, says Mehul Vaghani, Director, Kira Jewels.<\/p>\n
While LGD jewellery brands steadily build their footprint in one of the world\u2019s largest diamond jewellery markets, the key question is will LGD jewellery ever take over, or bite into the natural diamond jewellery market share? \u201cLGDs are never going to entirely take over the natural diamond market,\u201d says Shah, \u201cInstead LGDs are opening a whole new segment especially for people who always aspired to buy diamonds but couldn’t because of the price point … Also, for those who wish to upgrade from a 1 carat of natural diamond to a much bigger carat in an LGD for the same price.\u201d<\/p>\n
Natural diamonds are a finite resource. \u201cWith no new commercial discoveries of diamond mines happening and now with restricted supplies of natural diamonds, there will be a gap between demand and supply. Because demand for diamonds will always be there and it will be LGDs that will fill this supply gap\u201d, concludes Madhavan.<\/p>\n","protected":false},"excerpt":{"rendered":"
For decades, India has maintained its dominance as the world leader in diamond manufacturing. The country is now also forging ahead as the world\u2019s leading grower of gem-quality lab-grown diamonds, further strengthening its position in the diamond industry. While India\u2019s diamond exports have benefited with this progress, is India\u2019s consumer market ready to sparkle with…<\/p>\n","protected":false},"author":15,"featured_media":22688,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,79],"tags":[],"thb-sponsors":[],"class_list":["post-22687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail","category-viewpoint"],"acf":[],"yoast_head":"\n