An exhibition of lab-grown diamond jewellery, the first of its kind in Mysuru, was held here on October 2 and 3.
Organised by Aukera jewellery, which focusses exclusively on lab-grown diamonds, the exhibition held at Hotel Southern Star in the city not only exposed the jewellery lovers of Mysuru to the range of options in diamond jewellery, but also as a platform for the consumers to learn and understand the origin and authenticity of lab-grown diamonds.
Speaking to The Hindu over phone, Chief Executive Officer (CEO) and founder of Aukera jewellery Lisa Mukhedkar said they chose to hold an exhibition in Mysuru as the city was home to a large number of educated, well-travelled and eco-conscious diamond lovers.
Though lab-grown diamonds have existed for more than five decades, the industry took off worldwide after the United States Federation Trade Commission recognised them as diamonds about five years ago. “Till then, they were regarded as synthetic”, she said adding that consumers had now started finding value in the lab-grown variety of diamonds.
“The lab-grown diamond industry has gotten large in the US. Between 2018 and 2022, the market has grown 10 times. One in two engagement rings is in grown diamonds”, she said.
In India, the market has started catching up lately. While the lab-grown diamonds are manufactured in Surat, the jewellery is made in Mumbai. Companies like Aukera, which work with manufacturers in Surat and jewellery makers in Mumbai, not only design the lab-grown jewellery, but also engage in educating and dispelling the myths about the variety of diamonds.
With regard to their experience in Mysuru, Ms. Lisa said “It was wonderful talking to women and understanding how they perceived diamonds. We were pleasantly surprised about the level of awareness of lab-grown diamonds”, she said.
Aukera, which has a retail store in Bengaluru, will shortly be holding similar exhibitions in Chikmangaluru and Kodagu later this month.
She said there is no doubt that lab-grown diamonds will grow. She said the lab-grown diamonds, which have already disrupted the market, have made an impact on the prices of diamond jewellery. “Commodities are affected by supply and demand. Price variations are there”, she said before adding that both lab-grown and mined diamonds will co-exist in the long-term and it will be up to the consumers to choose.
She expressed confidence in the future of lab-grown diamonds because of the value people see in them. “Value encompasses not just price, but also design, craftsmanship and sustainability angle”, she said while claiming that lab-grown diamonds have lower carbon footprint than the mined ones.
A press statement from the organisers said the two-day event, which was attended by jewellery enthusiasts and diamond connoisseurs of Mysuru, featured a vast range of carat sizes and unique designs beyond the conventional round-cut diamonds.