Lisa Mukhedkar is the Founder of Aukera- Lab Grown Diamond Jeweller

Lab-grown diamonds are emerging as a compelling alternative to traditionally mined stones in the dynamic world of fine jewellery. As dazzling as their natural counterparts in brilliance, durability, and composition, these lab-made marvels are not just rewriting the rules of luxury but also redefining what it means to wear jewellery, with conscience and creativity.

What truly sets lab-grown diamonds apart, however, is the extraordinary design freedom they offer. With greater availability and more accessible price points—nearly 30-40% lower than mined diamonds—designers and consumers alike are no longer restricted by cost when it comes to scale, setting, or innovation. Larger, high-quality stones can be incorporated into custom designs, allowing bold artistic visions to flourish without compromise.

India’s lab-grown diamond jewellery market, pegged at $264.5 million in 2022, will grow at 14.8% CAGR, reaching $1,192.3 million by 2033, as per an ET Retail report. This explains the shift in consumer mindset, particularly evident among younger buyers, who are seeking jewellery that reflects their values and personal stories. Engagement rings, in particular, have become deeply personal artefacts—designed not just to symbolise love but to express individuality. Many couples are veering away from the conventional solitaire and opting for coloured stones, unique cuts, asymmetry, and mixed metal bands. From astrological motifs and birthstones to rings that incorporate the story of a couple’s journey, the emphasis is on crafting a ring that speaks of individuality.

Designers are responding to this demand with greater creative freedom, made possible by the versatility and easy availability of lab-grown diamonds. These diamonds enable quick customisation with technical precision, allowing customers to bring their unique visions to life, without the steep price tag or ethical ambiguity of mined stones.

This creative liberation is fuelling a wave of experimentation in contemporary jewellery design. There’s a noticeable move toward mixing metals—pairing white and yellow gold or combining rose gold with platinum—to create unique, expressive pieces. Asymmetrical settings, bold colour contrasts, and unorthodox stone placements are also on the rise, making each piece a true reflection of the wearer’s personality.

Even men’s jewellery is seeing a shift, with lab-grown diamonds being used in refined, minimalist styles like cufflinks, bands, and bracelets. These modern pieces reflect not just personal style but also an alignment with sustainable and ethical values—key concerns for today’s consumer.

With a far lower price tag but the same clarity, brilliance, and sparkle, lab-grown diamonds stand out for their sheer versatility. You no longer have to burn a hole in your finances to own jewellery that’s both trendy and just as dazzling as mined diamonds.

Moreover, lab-grown diamonds are ushering in a more democratic era of bespoke design. Thanks to advances in production and design technology, custom creations can now be brought to life rapidly and with exacting detail. This opens doors for more people to own jewellery that is not only beautiful but also meaningful and responsibly sourced.

Ultimately, lab-grown diamonds are not just about sustainability or savings—they are about creative freedom. As the boundaries of jewellery design expand, these stones enable consumers and designers to dream bigger, bolder, and express more freely. 

Tanvi shah -Director & Head – CareEdge Advisory & Research

The gems and jewellery market has clocked a healthy CAGR of 11% from CY20-24, to reach at Rs. 8,110 billion in CY24.  A similar growth trajectory is expected to continue in the next 5 years. Furthermore, bangles and chains hold a large share in the overall jewellery market. As consumer preferences evolve, the Indian jewellery sector is undergoing notable transformation. Central to this shift is the Mangalsutra—a piece that embodies both cultural heritage and modern sensibility. Traditionally revered as a symbol of marital unity and prosperity, the Mangalsutra has maintained its cultural significance while aligning with contemporary aesthetics and changing lifestyles.

The Mangalsutra market has grown at over 10% compounded annual growth rate (CAGR) over the past five years and estimated to be Rs 190 billion in CY24(E).  With the consistently rising number of weddings in India, the market is set to expand steadily and is expected to surpass Rs 250 billion by CY29.

Weddings: The Prime Driver of Demand

Weddings remain the key driver of Mangalsutra purchases, with the ornament continuing to symbolize matrimony across communities. As weddings evolve—especially with greater financial independence among millennial couples—buying behaviours are also shifting. While 80–82% of wedding expenses are still covered through savings, around 10% rely on loans and 6–8% liquidate assets.

In 2024, India recorded 124.3 lakh weddings, marking a strong post-pandemic momentum. This upward trend continued from earlier years and is expected to accelerate, with weddings projected to reach 180.8 lakh by 2032, registering a CAGR of 4.8%. This growth is also fuelling demand for bridal jewellery, underscoring the wedding sector’s resilience and its rising contribution to the national economy.

Chart 1: Total Number of Weddings in India, CY2024-32

Source: Industry Sources, CareEdge Research

Source: Industry Sources, CareEdge Research

The rise of destination weddings and thematic ceremonies has prompted demand for multiple Mangalsutra designs. Brides now seek elaborate gold pieces for traditional rituals and minimalist styles for more modern or informal functions. This shift has encouraged jewellers to diversify their offerings, enabling repeat purchases beyond the initial wedding.

Evolving Designs: A Fusion of Style and Sentiment

Although traditional Mangalsutras—characterised by black beads and gold links—continue to dominate, capturing a 62% share of the market in CY24, the preference for modern alternatives is rising. Designs featuring sleek lines, diamonds, and mixed metals now comprise 32% of the market and resonate particularly with younger, urban consumers who prioritise versatility and style.

Chart 2: Indian Mangalsutra Market: Break-up by Design (% share) for CY24(E)

                                                                         Source: CareEdge Research

Customisation has emerged as a notable trend. Consumers increasingly request bespoke elements, including unique pendant shapes, gemstone settings, and tailored chain lengths. Presently, customised Mangalsutras account for approximately 5% of the market. Jewellers are responding by embracing advanced design technologies and personalised consultations, enabling them to cater to diverse tastes and preferences.

Material preferences reflect shifting choices considering prices 

Gold remains the market leader in Mangalsutra, and 22K gold accounts for 52% of the share because of its long-standing tradition of symbolizing security and affluence. Nevertheless, an price increase—from around Rs 67,175 per 10 grams during April 2024 to Rs 90,050 as of 24^th April 2025—has forced consumers to question their decisions, tending towards lighter or affordable options.

Chart 3: Indian Mangalsutra market breakup by material type (% share) for CY24(E)

Source: CareEdge Research

Note: Others include Beads, Synthetic Metals, Semi-Precious stones,  etc.

Silver Mangalsutras, now commanding a 31% share, offer an affordable and wearable alternative. Their simplicity appeals to younger consumers who seek practical, everyday options. Meanwhile, diamond Mangalsutras hold a 12% market share, gaining popularity among those who value elegance and symbolic distinction. Fusion designs, incorporating gold, silver, and diamonds, are also gaining ground as jewellers strive to serve a broader demographic.

Market Outlook: Strong sentiment supporting healthy sales growth

Gold Mangalsutras continue to represent nearly 52.3% of the total market, but interest in alternative silver or diamond variants is also attracting more consumers. Going forward, these changing consumer preferences will encourage many new replacement and repeat purchases, creating fresh opportunities for jewellers.

In contrast to the overall demand for gold jewellery, which declined by 2.3 percent year-on-year in CY24, the Mangalsutra market demonstrated remarkable resilience by maintaining double-digit growth. As weddings continued and consumer preferences evolved, the Mangalsutra adapted accordingly embracing new and exciting designs without compromising its cultural significance.

A commitment symbol and a personal style will keep it constantly relevant in India’s jewellery landscape, full of diversity and dynamism.

U.S. gold prices have experienced a notable decline, falling from a recent high of $3,509 to $3,310. This $199 drop can be attributed to a combination of geopolitical and economic developments that have reduced market demand for safe-haven assets.

Key Factors Driving the Decline

1. Stability in U.S. Monetary Policy
   Investor concerns over potential instability in U.S. monetary policy were mitigated following former President Donald Trump’s remarks reaffirming his support for Federal Reserve Chair Jerome Powell. By ruling out any intention to replace Powell, Trump contributed to a sense of continuity and stability in monetary leadership, reducing speculative demand for gold.
2. Positive Signals in U.S.-China Trade Relations
   Sentiment was further boosted by optimistic statements from Trump regarding ongoing trade negotiations with China. His characterization of the discussions as “progressing positively” and his expressed confidence in achieving a mutually beneficial agreement have lowered immediate fears of trade disruptions, easing the flight to gold.
3. Geopolitical Easing in Eastern Europe
   Russian President Vladimir Putin’s willingness to initiate talks with Ukrainian President Volodymyr Zelenskyy has raised hopes for a ceasefire agreement. This development has encouraged a shift in investor sentiment toward riskier assets, further weakening gold’s appeal as a safe haven.

Contrasting Forecast: Bullish Outlook from JP Morgan
Despite the current decline, JP Morgan has issued a bullish long-term outlook, projecting that gold prices could exceed $4,000 per ounce by Q2 2026. The forecast is driven by concerns over a potential U.S. recession and the impact of renewed trade tensions stemming from Trump-era tariffs.
The recent decline in gold prices underscores the complexity and volatility of today’s economic landscape. While current developments have encouraged a risk-on sentiment, longer-term forecasts suggest persistent uncertainty could reignite demand for gold. In a volatile, uncertain, complex, and ambiguous (VUCA) world, forecasting commodity movements remains inherently challenging.