It plans to setup 100 stores for its lab-grown diamond (LGD) jewellery brand in the next three years
“The initial investment outlay is Rs 100 crore. Later there will be a combination of franchisee stores along with company owned stores and funds will be added accordingly,” Augmont director Ketan Kothari said.
The global LGD market is projected to reach $1.2 billion by 2033.
Kothari said the penetration of mined diamond jewelry in India is less than 5%.
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Akoirah jewellery will feature 100% pure recycled gold and responsibly sourced LGDs, ensuring consumers make a sustainable choice without compromising on brilliance or quality, he said.
The brand promises to provide 100% exchange and buyback value to customers and the jewellery range starts from Rs 5,000.
“From a seamless online shopping experience to a robust offline presence, the brand plans to expand to 100 stores across India,” Augmont said in a release.
The demand for LGD is growing at 8.64% CAGR to touch $39 billion by 2028. The Indian lab-grown diamond jewellery market is expected to touch $1.2 billion by 2033.
