Workers in Green Lab Diamonds in Surat, Gujarat
| Photo Credit:
Partha Pratim Sharma 10323@Delhi
All that glitters may not be gold jewellery this Deepavali. Given the sky high gold prices, leading jewellery brands are queuing up to woo customers with lower purity Lab Grown Diamond (LGD) ornaments that are light on pocket.
In a bid to make jewellery more affordable, leading brands are designing gold jewellery collections in 9, 14 and 18 carat using LGDs which are 50-80 per cent cheaper than natural diamonds.
The yellow metal has rallied 10 per cent to ₹109,775 per 10 grams on Friday from ₹100,023 on August 14, according to the Indian Bullion and Jewellers Association (IBJA) data. Demand for pure gold jewellery has been subdued after gold prices hit a record ₹110,869 early this month. Jewellers expect gold jewellery demand in terms of volume fall 20-30 per cent this festival season.
Gold prices have zoomed 52 per cent compared to last year when prices were closer to about ₹71,000 per 10 grams.
Shine at a budget
Namita Kothari, Founder at Akoirah by Augmont, said with record gold prices, many consumers — especially millennials and Gen Z — are rethinking their festival jewellery purchases and exploring gold jewellery made of LGD at a fraction of the cost.
“With an expectation of 20-25 per cent festival sales surge projected across the LGD category, we are meeting the demand by offering accessible options in 18 carat, 14 carat and 9 carat gold, ensuring customers get the design, finish and quality they seek,” she said.
LGD jewellery will reshape this Deepavali celebration with clear grading, certified quality and transparent buy-back or exchange options to build trust, said Kothari.
Pooja Madhavan, Founder & MD, Limelight Lab Grown Diamonds, said the value proposition of LGDs, luxury, beauty and sustainability at nearly half the price of mined diamonds is resonating especially well with younger consumers this Diwali.
LGDs are not positioned as a replacement for gold, but the current price surge has made them a highly compelling complementary choice and there is a strong interest in solitaires, festive wear jewellery and gifting categories, she said.
“While gold continues to hold its place as a cultural and investment-driven purchase, many buyers are turning to LGDs for adornment, self-expression and festival gifting,” she said.
Prapanjj SK Kota, CEO, Reia Diamonds, said with high gold prices there has been a significant shift, especially among corporate executives, to LGDs for daily wearable jewelleries. “We have a lifetime buyback and exchange policy and for this Deepavali we have exempted making and wastage charges through our exclusive carat club membership,” he said.
Published on September 20, 2025