Augmont, which claims to be the largest gold trading platform in the country, has added spot trading in lab-grown diamonds, which will enable buyers and sellers trade with transparency and better price discovery.
The platform, which has been in operations for the past 17 years in the precious metals space, caters to more than 5,000 jewellers across the country, it claimed in a statement Tuesday.
This addition represents an evolution of diamond trading infrastructure, particularly as the country maintains its position as the world's largest diamond cutting and polishing destination.
the spot trading of lab-grown diamonds will streamline procurement for jewellers while establishing a transparent and efficient pricing mechanism for the rapidly growing lab-grown diamonds market in the country, which is worth around 10 percent of the total jewellery market, which include gold, silver, platinum, lab-grown diamonds, precious metal alloys, precious stones, Ketan Kothari, a director at Augmont, said, adding the new platform will enable market pricing and delivery of these diamonds globally including the US, Europe, the Gulf and East Asia.
According to the commerce ministry data, as much as 98% of all lab-grown diamonds in the world are polished in the country as of 2022.
According to an EY report, the demand for lab-grown diamonds is rising across the world, and its global market size is growing at 8.64% annually to cross $39 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.