DiamondBuzz
Augmont expands SPOT Gold Trading platform with lab grown diamond integration for global markets
Augmont, India’s largest gold trading platform announced that it has added Lab Grown Diamonds (LGD) to its existing online SPOT trading platform for precious metals catering to more than 5,000 jewellers across the country.
The enhanced SPOT 2.0 platform brings Augmont’s 17 years of precious metals trading expertise to the growing LGD sector. This addition represents an evolution of diamond trading infrastructure, particularly as India maintains its position as the world’s largest diamond cutting and polishing destination.
The platform enhancement introduces transparent pricing mechanisms and streamlined procurement processes for the LGD market inspiring confidence among key stakeholders. This 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, “Augmont has firmly established itself as India’s go-to destination for buying and selling gold. Building on this strong foundation, we are proud to have our own lab-grown diamond (LGD) platform on Augmont SPOT, addressing 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’’
Aarav Bafna, Product Head (LGD), Augmont, said, “With the extended version of SPOT, we plan to set a benchmark for LGD pricing. The current LGD pricing model, based solely on discounts relative to mined diamonds, is fundamentally flawed and irrational. Augmont is here to transform that narrative. Just as we revolutionized gold trading and price discovery in India, we are now ready to redefine and reimagine the LGD market.”
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 materials—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. Built upon Augmont’s proven 17-year-old trading infrastructure, SPOT ensures seamless integration for a reliable and efficient trading experience.
The platform addresses the growing demand for lab-grown diamonds, which have gained significant market share due to their sustainable nature and competitive pricing. SPOT is expected to handle substantial trading volumes, reflecting India’s dominant position in the global LGD polishing industry.
As per the Commerce Ministry’s data, India polishes almost 98% of all lab-grown diamonds in the world in 2022.
As per the EY report, the demand for Lab-Grown Diamonds is rising across the world, and its global market size is growing at 8.64% CAGR to touch $39.3 billion by 2028. And the Indian lab-grown diamond jewellery market, which was valued at around $300 million in 2023, is set to increase to $1.2 billion by 2033.
DiamondBuzz
De Beers Group Science & Technology Showcases SynthDetect 2: The World’s Most Versatile Automated Diamond Screening Instrument
SynthDetect™ 2 Delivers Faster Screening, Greater Automation and Enhanced Reporting For Diamond Trade Participants.
SynthDetect™ 2 builds on the leading-edge technical capabilities of its forerunners, adding greater automation, more effective reporting and faster throughput.
Collaborative approach to development means the instrument integrates effectively with diamond companies’ operations.
De Beers Group’s Science & Technology division today revealed SynthDetect 2, the next generation desktop diamond screening instrument. The first SynthDetect instrument and its successor SynthDetect XL– released in 2017 and 2018 respectively – have been among the most successful instruments in De Beers Group’s suite of diamond verification instruments due to their outstanding technical screening functionality and ability to test multiple stones in set jewellery at once without the need for a probe.
With SynthDetect 2, De Beers Group Science & Technology has worked closely with a range of trade participants to innovate on how best to integrate the technology with customer operations. This process has resulted in the development of an instrument that makes the diamond screening process significantly easier, faster and more cost-effective for diamond manufacturers, laboratories, and retailers’ back-office operations.
SynthDetect 2’s increased screening speed, throughput and productivity mean that the time taken for a full tray scan has been reduced from around 30 minutes to under five minutes. The instrument can screen more types of diamonds and jewellery than previous versions, while increased automation reduces the need for operator input, helping to reduce costs in the screening process.
With the instrument also offering automatically generated reporting and software updates, SynthDetect 2 provides a comprehensive screening tool for trade participants.
Sarandos Gouvelis, Senior Vice President for Science & Technology at De Beers Group, said:
“We have worked closely with industry partners to ensure that SynthDetect 2 is not only tailored to meet diamond companies’ screening requirements, but also to meet their operational needs. Through this process of collaboration we are proud to introduce SynthDetect 2, providing the trade with an instrument that will integrate seamlessly into their operations, marrying outstanding technical performance with enhanced speed, cost and efficiency.”
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