Limelight Diamonds sees lab-grown diamond revenue jump 120% this Diwali

Lab-grown diamond jewellery business Limelight Diamonds saw its revenue increase by 120% year-on-year during the Diwali shopping season as consumers embrace the concept of lab-grown jewels. The brand plans to harness this positive consumer sentiment and open 10 additional brick-and-mortar stores in the coming months. 

“Our sales saw a huge increase this Diwali and revenue surged 2.2 times (120% increase) compared to the year-ago period,” said Limelight Diamonds’ founder Pooja Sheth Madhavan, ET Bureau reported. “The acceptance for lab-grown diamond jewellery has significantly increased and jewellery studded with bigger solitaires, namely two carat plus, was trending in the metro cities.”
 
Lab-grown diamonds are significantly cheaper than their natural counterparts, enabling shoppers to save money or choose a larger gem. Limelight Diamonds also heavily emphasises the sustainable aspect of lab-grown diamonds as they are a replenish-able resource whereas only a finite number of natural diamonds exist and mining them causes environmental damage. 

“We have seen a significant ramp-up in sales of pure solitaire-based jewellery even in Tier 2 cities through our point of sales,” said Madhavan. “This category will flourish and we plan to open 10 additional stores in the coming months.” 
 
Limelight Diamonds recently opened a new store in Hyderabad on November 10, India Retailing reported. The brand also recently opened stores in Jaipur, Kalaghoda, Ghatkopar, Borivali, and Varanasi.