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Wealthy Russians Surge in Investment-Grade Diamond Purchases Amid Market Uncertainty

Demand for polished diamonds up by 60% as individuals diversify portfolios with gemstones following VAT abolition and growing financial volatility.

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Wealthy Russians are increasingly turning to investment-grade diamonds, with purchases of polished stones rising by 60% last year, according to VTB, the country’s second-largest bank. This surge in demand is attributed to the government’s decision to abolish VAT on diamond purchases, which has made gemstones a more attractive investment option.

Oksana Semenenko, vice president at VTB and head of its private banking division, explained that the rarity and uniqueness of diamonds make them especially appealing during times of rising financial market instability and tighter investment restrictions. Many affluent clients are now incorporating alternative investments, including diamonds, into their portfolios, typically allocating 5-10% of their assets to these tangible assets for diversification.

This shift comes amid increasing sanctions from the G7 and restrictions on Russian currency, which have impacted Russian diamond exports. In response, Alrosa, the state-run diamond mining giant, is turning to alternative markets to sell its goods. The company’s Diamond Exclusive program focuses on polishing its largest and highest-quality diamonds, particularly stones of 3 carats or more, to be sold directly to investors through partnerships with VTB and other financial institutions.

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DiamondBuzz

LIMIRA Enters India’s Jewellery Market With An E-Commerce-Only Model Built Around Design, Transparency and Lab-Grown Diamonds

LIMIRA Aims To Redefine How Modern India Wears, Experiences and Connects With Diamond Jewellery

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LIMIRA, a new-age, design-led lab-grown diamond jewellery brand, announced its launch in India with an e-commerce-only model built around design, individuality and storytelling transparency. The brand brings modern diamond jewellery directly to consumers, creating a digital-first experience designed around how consumers increasingly discover, evaluate and purchase jewellery.

The launch comes at a time when India’s diamonds and jewellery industry is evolving. India has emerged as the world’s second-largest diamond jewellery market, accounting for 12% of global demand, up from 10% in 2019, according to the 2025 De Beers India Diamond Acquisition Study.

At the heart of LIMIRA is a design philosophy that moves beyond traditional gender classifications. Its lab-grown diamond jewellery is created with a gender-neutral design language, allowing consumers to choose pieces based on personal style rather than conventional categories of which jewellery is “for”. This philosophy is captured in the brand’s proposition: “Not His, Not Hers, Just Yours.”

LIMIRA launches with three debut collections, Orbit, Fortuna, Ember and Eterne, each built around a different expression of personal meaning. Orbit celebrates the bonds between sisters or female friendship; Fortuna reimagines the horseshoe as a symbol of luck and possibility; Ember draws inspiration from moments for those who see designs beyond labels; and Eterne celebrates the things that stay, through every chapter, change and beginning. Together, the collections reflect LIMIRA’s belief that jewellery can mark not only milestones, but also the people, feelings and moments that shape everyday life.

The brand offers designed lab-grown diamond jewellery in 9KT and 14KT, rose gold, yellow gold and white gold, creating an accessible entry point to diamond jewellery for everyday wear. With no physical retail network, LIMIRA places e-commerce at the centre of the consumer experience, giving customers the freedom to discover and explore its collections on their own terms.

Rashmi Gajera, CEO, LIMIRA said:

“We believe diamonds should not be reserved only for milestones and celebrations. They can be part of an individual’s everyday signature, reflecting who they are, how they feel and how they choose to express themselves. LIMIRA was created to rethink not only the jewellery itself, but the experience of discovering and buying it. Our e-commerce-only model allows us to put design, individuality and transparency at the centre of that experience, while lab-grown diamonds open up new possibilities for how consumers engage with diamond jewellery.”

LIMIRA’s proposition reflects a broader shift in how jewellery is discovered and worn. As consumers increasingly seek products that align with their personal style and values, jewellery is becoming less defined by traditional categories and major occasions, and more by individual expression and everyday relevance.

As India evolves into a more design-conscious and individualistic consumer market, LIMIRA believes the next chapter of diamond jewellery will be defined not just by what people buy, but by why, when and how they choose to wear it.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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