Pune: Demand for lab-grown diamonds is gaining momentum in the run-up to the festive season, as consumers look for affordable alternatives to natural diamonds.The recent dip in gold prices has encouraged buyers to step up purchases, with the festive season coinciding with the beginning of the wedding shopping period. “It’s possible to get a lab grown diamond of good quality for as low as Rs10,000 for 1 carat. I will be reusing my old gold and buying myself one carat diamond studs this festive season,” said Sneha Mathews, a resident of Undri. Nalini Dave, a resident of Fatima Nagar, stated she has started wedding purchases. “Gold prices have dipped right now. We are locking in wedding purchases as prices are lower. We have already made some purchases during Dusshera.”Sales during Dussehra were 30% higher compared to the same period last year for Zen Diamond. “We expect the positive momentum witnessed during Dussehra to continue through Diwali. Solitaires and engagement rings witnessed strong interest during Dussehra, alongside everyday-wear categories such as earrings and pendants,” said Neil Sonawala, Managing Director, Zen Diamond India.Lab-grown diamond company Limelight Lab Grown Diamonds tripled its sales year-on-year. “Consumers are increasingly viewing diamond jewellery as something to wear and enjoy, rather than lock away, driving demand across wedding jewellery and self-use,” said Pooja Madhavan, MD & Founder, Limelight Lab Grown Diamonds.Vipul Shah, Promoter & Executive Director at Aura Jewels, said, “Our Studded Jewellery segment recorded healthy year-on-year growth, while Plain Gold delivered exceptional growth, with sales more than tripling over the previous year. Dussehra has set a positive tone for Diwali.” It is a similar situation at Senco Gold. “We are positive about achieving 20 per cent-plus growth for the festive season compared to last year,” said Suvankar Sen, MD and CEO at Senco Gold.Saurabh Gadgil, CMD, PNG Jewellers, pointed towards investment as an option. “Festive and wedding purchases are both showing demand, and there is good interest in bullion, which points to investment buying. We expect growth of 20 to 25 per cent over last year.”Jewellers said affordability is emerging as a key factor shaping festive purchases, with consumers weighing the cost of gold against diamond jewellery. The lower price point of lab-grown diamonds is also allowing some buyers to explore larger stones or experiment with contemporary designs. Wedding-related purchases are providing an additional boost to demand this festive season.
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