Kolkata: Sales of lab-grown diamonds (LGDs) more than doubled during the Dhanteras-Diwali period last week, with LGD engagement rings emerging as the most popular category, said industry executives. Digital gold also found favour among festive season shoppers, seeing up to 60% year-on-year increase in sales, they said.
“Our sales saw a huge increase this Diwali and revenue surged 2.2x (120% increase) compared to the year-ago period,” said Pooja Sheth Madhavan, founder of Limelight Diamond ..
LGDs, which emerged as a new category and an alternative to the pricier natural diamonds, became more popular in this year’s festive season as prices plunged to less than half year-on-year. Prices of LGD rings with 1 carat solitaire fell to ₹80,000 to ₹1 lakh from ₹2 lakh last year, a fraction of about ₹5 lakh for 1 carat natural diamond ring.
“We have seen a significant ramp-up in sales of pure solitaire-based jewellery even in tier-2 cities through our point of sales. This category will ..