MUMBAI/NEW DELHI: Augmont, India’s largest fully integrated gold player, on Thursday announced its strategic expansion into the Lab-Grown Diamond (LGD) market with the launch of Akoirah.
Lab-Grown Diamonds are transforming the jewellery industry, offering a brilliant, sustainable alternative to mined diamonds. The global LGD market is projected to reach $1.2 Billion by 2033, yet there remains a lack of trusted players in India—a gap that Augmont is poised to fill.
Discussing their entry into the lab-grown diamond market, Ketan Kothari, Director, Augmont, said Augmont’s vision is very clear – we want to be the leading lab-grown diamond jewellery brand in India.
“LGD is the future for a nation like India where jewellery has many meanings – aspirations, emotions and culture. The penetration of mined diamond jewelry in India is less than 5 percent whereas 95 per cent consumers want to own diamonds,” Kothari said.
With Augmont’s unmatched credibility, technological expertise, and pricing, Akoirah will set new standards in this space. They are planning 100 stores in next three years with a total initial investment outlay of `100 Crores. Later there will be a combination of franchisee stores along with company owned stores and funds will be added accordingly.
“The math is simple – whatever money that you save in terms of the difference between mined diamonds and LGDs, invest the same in gold. The appreciation in gold prices will more than make up for the investments in LGD even if for argument’s sake, LGD prices don’t increase! Added to that, you get better designs and quality. We are bringing the same commitment to purity, value, and excellence that has defined Augmont’s gold legacy into the world of fine diamond jewellery,” added Ketan.
At the heart of Akoirah lies a vision to make fine jewellery with a design-focus infused with modern sensibilities. . Namita Kothari, Founder of Akoirah, shared her passion by stating Akoirah is all about making Love-Grown Diamonds attainable for all. “Through innovative craftsmanship, and unbeatable gold rates, we are crafting jewellery that is not just beautiful, but meaningful,” Namita said.
With Augmont’s tech-first approach, Akoirah will leverage advanced technology to deliver certified, high-quality diamonds at the best prices. The brand’s strategic expansion into this space underscores the growing consumer demand for ethical, sustainable, and affordable diamond jewellery.
Together Augmont and Akoirah are set to redefine the jewellery-buying experience with an omni-channel brand strategy, leveraging Augmont’s existing base of 4 Crore+ digital gold consumers. With their range starting from `5000, Akoirah will cater to a diverse customer base across the country.
With inputs from PTI
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