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India’s gold demand improves as prices dip

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Gold demand in India saw a slight improvement towards the week’s end as prices fell from record highs, yet remained below normal levels. Discounts in China persisted due to low activity, and India’s imports are predicted to drop significantly by 85 per cent in February. Meanwhile, gold trades in Singapore, Hong Kong, and Japan show varying premiums and discounts.

India’s gold demand improved in the second half of this week but remained lower than normal as prices retreated from all-time-high levels, while traders continued to offer discounts in China as activity remained lacklustre. Domestic gold prices were trading around 84,750 rupees per 10 grams on Friday after hitting a record high of 86,592 rupees last week.

Indian dealers this week offered a discount of $12-$27 an ounce over official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, down from the last week’s discount of $35.

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So/Facet Raises ₹10 Crore Led By Sauce To Build The Diamond Brand That Young India Has Been Missing

Mokobara’s Co-Founders, The Chona Family Office, Haleon South Asia’s Kedar Lele and Moonshot’s Devaiah Bopanna Also Invest; Brand Launches Online in November and Targets 30+ PremiumSstores In Three Years

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So/Facet, a premium lab-grown diamond jewellery brand founded by former Unilever leaders Aarushi Agrawal Naulakha and Abhishek Naulakha, has raised ₹10 crore in a seed round led by Sauce – its first institutional funding and the fund’s first investment in the category.

The round also saw participation from Mokobara co-founders Sangeet Agrawal and Navin Parwal; the Chona family office, behind HOCCO Ice Creams; Kedar Lele, President, Haleon South Asia; and Devaiah Bopanna, Co-founder, Moonshot. The capital will support brand building, design, technology, hiring and an omnichannel rollout. So/Facet launches online in November 2026 and aims to open over 30 premium stores in three years.

For decades, diamonds have been tied to prescribed occasions: proposals, weddings and anniversaries. Lab-grown diamonds have changed the economics, but much of the storytelling remains the same. So/Facet sees an opportunity to create a distinct identity for lab-grown diamonds – not as an affordable substitute, but as objects of self-expression, as personal as sneakers, watches or fashion. Its name reflects the many facets of a diamond and the many versions of the person wearing it. Its defining question, “What’s yours?”, invites people to celebrate moments on their own terms.

stayed outside that conversation

Aarushi Agrawal Naulakha, Co-founder, So/Facet said:

“Our generation expresses who we are through everything we wear, yet diamonds somehow stayed outside that conversation,”

“Why should a diamond need a proposal or someone else to gift it to you? It could mark the job you landed, the job you quit, the relationship you walked away from – or a Tuesday that simply felt like yours. We want people to decide what their diamonds mean. That’s the spirit of ‘What’s yours?“

Designed in-house, So/Facet’s six launch collections feature IGI-certified lab-grown diamonds, unusual cuts and contemporary design. So/Me brings playful shapes such as stars and butterflies; So/Pop pairs diamonds with colourful, stackable enamel charms; and So/Icon explores sculptural, design-led jewellery. Beyond design, So/Facet is building a technology-enabled, omnichannel experience that makes discovering, buying and upgrading diamond jewellery seamless across digital and physical touchpoints. The brand wants to make diamonds something customers can continually evolve with, rather than a purchase reserved for a single milestone. It has already built a pre-launch waitlist of over 200 potential customers.

Abhishek Naulakha, Co-founder, So/Facet said:

“We don’t believe India’s next great diamond brand will be built by selling the same jewellery for less,”

“It will be built on distinctive design, uncompromising quality and craftsmanship, and an experience that feels effortless – from the first discovery to every purchase and upgrade. We’re bringing together the timeless appeal of diamonds with a new-age approach to design, technology and retail. Our ambition is to build an iconic global brand, born in India, that makes diamonds relevant to a new generation.”

Manu Chandra, Managing Partner, Sauce said:

“Lab-grown diamonds have transformed the category’s economics, but few brands have reimagined what diamonds can mean.”

“Aarushi and Abhishek combine deep consumer-marketing experience with a sharp instinct for culture. So/Facet has the potential to build lasting desire, not just demand driven by price.”

Aarushi, a MICA Ahmedabad alumna and E4M 30 Under 30 honouree, held marketing roles & has 6 years of work ex across ITC and Unilever, including work on Dove and TRESemmé, and has a community of over 100,000 across Instagram and LinkedIn.
Abhishek, an IIM Ahmedabad and SRCC alumnus, spent seven years at Unilever in India and global sales and marketing roles, most recently as Global Beauty & Wellbeing Channel & Portfolio Lead.

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