Lab-grown diamond jewellery retailer Akoirah by Augmont expects to double its topline revenue over the next year, driven by new store openings, growing consumer awareness and strong festive demand. According to Aarav Bafna, the company has already crossed more than half of its monthly sales target in October supported by festive buying. The expansion strategy focuses on increasing store presence and raising lab-grown diamond awareness across India, with Bafna stating "We're expecting at least double the amount of growth in topline" as reported by CNBC TV18.
The company is capitalizing on rising gold prices that are encouraging customers to consider lighter jewellery with lab-grown diamonds. As reported by CNBC TV18, 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 average ticket size for Indian consumers is around ₹50,000-₹60,000, with solitaire rings and tennis bracelets among the most popular products. Bafna noted that consumers are increasingly choosing jewellery that uses less gold while incorporating lab-grown diamonds, making products more affordable without compromising appearance.
The festive season has started positively for the retailer, with Bafna noting that "We've already reached more than half of our monthly target, which we were not expecting because we had kept quite an ambitious target" as reported by CNBC TV18. The company has also sold a 50-carat lab-grown diamond to a customer, highlighting growing acceptance of larger lab-grown stones in the premium segment. This performance exceeded expectations due to the ambitious nature of the company's targets.
Beyond metro cities, Akoirah by Augmont sees significant opportunities in tier-II and tier-III cities, with enquiries for franchise opportunities increasing from these regions. While metros continue to account for the bulk of demand, the growing interest from smaller cities indicates broader acceptance of lab-grown diamonds across India. The company's omnichannel retailing approach is helping expand customer reach, with consumers increasingly choosing jewellery that uses less gold while incorporating lab-grown diamonds to make products more affordable without compromising appearance.
Bafna believes the category has significant long-term potential, stating that lab-grown diamonds as a market will be something that'll completely disrupt the entire industry. The company's omnichannel retailing approach is helping expand customer reach, with consumers increasingly choosing jewellery that uses less gold while incorporating lab-grown diamonds to make products more affordable without compromising appearance. This disruption potential is being driven by the growing acceptance of lab-grown alternatives amid rising gold prices and changing consumer preferences.
