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Augmont, one of the largest gold trading platforms, has added Lab Grown Diamonds to its existing online SPOT trading platform for precious metals catering to over 5,000 jewellers across the country.
The platform will enhance transparent pricing mechanisms and streamline procurement processes for the LGD market.
The strategic move is set to streamline the procurement for jewellers while establishing a transparent and efficient pricing mechanism for the rapidly growing LGD market in India.
Ketan Kothari, Director of Augmont Group, said the company has established itself as India’s go-to destination for buying and selling gold and this will be replicated for lab-grown diamonds to address the surging demand in this rapidly growing industry.
The platform will enable market pricing and delivery of these diamonds globally including USA, Europe, Gulf and East Asia, he said.
Aarav Bafna, Product Head (LGD), Augmont, said with the extended version of SPOT, the company plans to set a benchmark for LGD pricing as the current pricing model, based solely on discounts relating to mined diamonds, is fundamentally flawed and irrational.
SPOT offers a comprehensive and unified trading experience, enabling jewellers to source all their manufacturing requirements including gold, silver, platinum, lab-grown diamonds, precious metal alloys, precious stones and other essential material through a single integrated online platform.
It also features real-time price discovery powered by advanced algorithms and market mechanisms, ensuring transparent and fair pricing.
Quality assurance is a priority, with certification and verification processes for all listed diamonds.
As per an EY report, demand for LGD is growing at 8.64 per cent CAGR to touch $39 billion by 2028.
The Indian lab-grown diamond jewellery market, which was valued at around $300 million in 2023, is expected to touch $1.2 billion by 2033.
Augmont suite of services include digital gold, gold loans, gold coins, gold jewellery, jewellery on EMI and bullion trading. It has over 40 million customers and a network of over 100 physical stores and touch points.
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