Lab-grown diamond jewellery retailer Akoirah by Augmont expects to double its topline over the next year, backed by new store openings, growing consumer awareness and strong festive demand, according to Aarav Bafna, Akoirah by Augmont. Bafna said the company has already crossed more than half of its monthly sales target in October, supported by festive buying.
He also said demand is being helped by higher gold prices, which are encouraging customers to consider lighter jewellery with lab-grown diamonds."We're expecting at least double the amount of growth in topline," Bafna said. He added that the expansion would be driven by new store openings and the rise in lab-grown diamond awareness across India.

Bafna believes the category has significant long-term potential. "I honestly believe that lab-grown diamonds as a market will be something that'll completely disrupt the entire industry," he said. The company said the average ticket size for Indian consumers is around ₹50,000-₹60,000, with solitaire rings and tennis bracelets among the most popular products.
Omnichannel retailing is also helping expand customer reach. According to Bafna, rising gold prices are influencing buying behaviour. Consumers are increasingly choosing jewellery that uses less gold while incorporating lab-grown diamonds, making products more affordable without compromising on appearance.

On pricing, he said a one-carat lab-grown diamond typically retails for ₹20,000-₹25,000, while an equivalent natural diamond can cost around ₹3 lakh to ₹4 lakh per carat, depending on colour and clarity. The company also sees opportunities beyond metro cities.
While metros continue to account for the bulk of demand, Bafna said enquiries for franchise opportunities are increasing from Tier-II and Tier-III cities, indicating broader acceptance of lab-grown diamonds. The festive season has started on a positive note for the retailer.

"We've already reached more than half of our monthly target, which we were not expecting because we had kept quite an ambitious target," Bafna said. Bafna also revealed that the company has sold a 50-carat lab-grown diamond to a customer, highlighting growing acceptance of larger lab-grown stones in the premium segment.
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