Startup
Shining bright: The rise of lab-grown diamonds in India
Traditionally, gold has held a special place in Indian culture compared to diamond, and is often seen as a safer investment with strong resale value. However, the diamond market is undergoing a significant transformation, particularly with the rise of lab-grown diamonds, attracting younger, eco-conscious consumers.
Recent moves by major players like Tata Group’s Trent and Senco Gold and Diamond highlight this shift. While Trent’s new subsidiary, Pome, aims to tap into the growing demand for lab-grown diamonds, Senco Gold is expanding its reach by creating a separate subsidiary, SENNES Fashion. Senco is also reportedly in advanced discussions to acquire D2C lab-grown diamond player Melorra in a Rs 50 crore deal.
These strategic moves reflect a growing recognition of the lab-grown diamond sector in India, which is still establishing itself compared to the American and European markets, where it has a stronger foothold.
The Indian lab-grown diamond jewellery market is expected to grow from $299.9 million in 2023 to $1,192.3 million by 2033, at a CAGR of 14.8%, according to management consulting firm Technopak.
How is it made?
Lab-grown diamonds, also known as man-made diamonds, are manufactured by replicating geological processes in a laboratory on a graphite chip or diamond seed.
They are physically and chemically identical to mined diamonds, making it almost impossible to differentiate between the two without specialised equipment.
After the diamonds are manufactured, a process that takes between 15 days to a month, it has to be cut and polished by hand, just like mined diamonds, by skilled artisans known as kaarigars.
“China used to be a 70%-80% supplier of lab-grown diamonds historically. But from my understanding, almost 30%-40% of global lab-grown diamonds are now coming out of labs out of Gujarat in India,” notes Ankit Agarwal, Managing Partner at Alteria Capital, which counts Giva, Bluestone, Melorra, and recently funded Grown diamond company Aukera in its portfolio.
While China manufactures diamonds using the High Pressure High Temperature (HPHT) technique, Indian labs manufacture these using the Chemical Vapor Deposition (CVD) technique, which is more economical than HPHT.
Moreover, Surat’s reputation as a hub for cutting and polishing diamonds and the availability of skilled kaarigars at competitive wages not only attracts businesses but also helps keep manufacturing costs low.
Affordable and democratized
The pricing of mined diamonds is often influenced by syndicates and cartels that maintain high prices by creating artificial scarcity. In contrast, lab-grown diamonds are subject to market forces of supply and demand, resulting in more competitive pricing.
“Because of technological advancements in the growing process of lab-grown diamonds and the global demand and supply scenario in the trade, the prices of lab-grown diamonds have seen a little fall in prices. Moreover, the margins at the manufacturing level have been curtailed a bit because of more competition,” clarifies Nipun Kochar, Founder and CEO at Jewelbox, a Shark Tank India fame lab-grown diamond jewellery maker.
There is no further scope for prices to correct any further, anything beyond that will be just competitors trying to undercut each other, but that will be short term, clarifies Ishendra Agarwal, Founder, GIVA, a jewellery platform.
As per current prices, a 1-karat lab-grown diamond is priced in the range of Rs 75,000 to Rs 90,000, while mined diamonds with the same colour and clarity would be priced in the range of Rs 6-10 lakh, noted Aukera’s Mukhedkar.
“Diamonds were earlier sold primarily as an investment. Now, consumers are waking up and instead of looking for resale value, they’re starting to consider the opportunity cost of investment in diamonds (especially grown vs mined), and that is therefore changing the entire narrative. A lot of people are just thinking of buying stunning looking luxury items, without being driven by how much the value will appreciate in future (almost like an iPhone),” says Darayus Mehta, Co-founder of True Diamonds, a D2C player in the lab-grown diamond space.
Since lab-grown diamonds are almost 10 times cheaper compared to natural diamonds, customers are realising the high opportunity cost associated with mined diamonds. They can buy a lab-grown version and invest the remaining money and get better returns than hoping for appreciation in mined diamonds.
“In lab-grown, if you’re spending only 1/10th of an amount compared to mined diamond, then you’re actually buying it to just wear it and may not care so much about resale value. Resale value becomes a lot more important for a much higher ticket value purchase. Although, LGD players are also offering buyback options to their consumers,” says Alteria Capital’s Agarwal.
Feel Good Factors: Sustainable and Ethical
In addition to their affordability, lab-grown diamonds also come with additional selling points such as being environmentally friendly and ethically sourced, that is without a blood diamond tag.
Moreover, since the entire process of making a diamond is controlled to the last Celsius, it allows manufacturers greater control over the cut and colour of the finished product. Lab-grown diamonds come with more variation and sizes, and less wastage when compared to mined diamonds.
“For lab-grown diamonds, everything is done to a prescription and every part of the manufacturing process is controlled. Therefore, the outcomes and sheer value you get is unimaginable. Add to that, is fair margins unlike mined diamonds,” highlights Lisa Mukhedkar, Co-founder of Aukera, a lab-grown diamond jewellery brand.
Besides the usual cuts and colours, Aukera offers at least three different types of colour options like aqua blue, champagne, and pink sky for its diamonds along with a plethora of cuts.
The festive season has been extremely glittery for lab-grown diamond players this year. Jewelbox sees a 300% rise in its festive season sales this year as compared to 2023.
GIVA Founder Agarwal says the company expects to get 20% of its revenues from lab-grown diamonds by the end of this year after piloting them just six months ago. The number is expected to be around 35% to 40% by the end of the next financial year.
Rocky road ahead
Since mined diamonds are sold at huge markups on retail fronts, it is impossible to create an ecosystem that would allow cross-selling and keeping the same diamond in the loop like gold and other precious metals.
While some of the prominent lab-grown diamond players like GIVA, Jewelbox, and Limelight offer buyback and exchange policies similar in quantum to those available on mined diamonds, it is unlikely to be a key differentiating factor.
Pricing for lab-grown diamonds is decided purely by market forces, instead of any regulatory or international body. Brands will increasingly avoid talking about the per carat rate anymore and instead just focus on selling stunning jewellery, resulting in differential pricing across brands. Therefore, it will be tough to create an ecosystem that allows for exchange and buybacks between brands, notes Mehta.
Players like GIVA are extremely bullish on the sector and plan to use 40 to 50% of the primary amount to hold inventory for lab-grown diamonds. It has raised a total of Rs 525 crore in its Series B round from Premji Invest, Epiq Capital, and Edelweiss Discover Fund, of which Rs 270 crore was from primary transactions.
The sector may seem lucrative for new-age players who don’t have skin in the mined diamond space, but it is much more difficult for legacy brands to carve a share here.
“It could be tough for larger incumbent brands to do it in a major way because they may severely cannibalise their own product since most of the business revenue, and margins are coming from mined diamonds. However, there will be a market for both and grown diamonds will only expand the overall market with larger reach due to better affordability,” says Alteria Capital’s Agarwal.
Players focusing specifically on lab-grown diamonds may have a significant advantage in this space in terms of building early trusted brand positioning, believes Alteria Capital’s Agarwal.
Even among lab-grown diamond players, trust, style, and distribution are key for brands to perform well and pull customers in.
“It requires capital. You’ll require strong capital to market. There is an inventory cost, there is a Capex cost, and it’s a very offline-driven market, which requires stores and heavy capital expenditure. So, whoever gets the initial thrust of capital support will have a significant advantage,” notes Agarwal.
The Gems and Jewellery Export Promotion Council (GJEPC) has called on the government to implement strict regulations requiring traders to clearly indicate whether a diamond is natural or lab-grown in their marketing in order to eliminate confusion.
While some brands and upcoming players are seeing and marketing lab-grown diamonds as a competitive advantage, the industry is still in a nascent stage for clear terminology and standardised regulation.
“What makes it a lab-grown diamond is that it is made of 100% carbon and is structurally and optically identical to a natural diamond. So, asking lab-grown diamonds to call themselves synthetic is ridiculous. Why should we call ourselves synthetic” says Mukhedkar of Aukera.
Startup
Workplace boundaries: 5 things not to share with coworkers
In today’s workplace, building relationships and open communication are highly encouraged. A collaborative environment can foster trust, creativity, and productivity among colleagues. However, there is a fine line between being friendly and sharing too much. Revealing certain personal information to your coworkers can blur professional boundaries and even affect your career negatively. In a world where first impressions and professionalism matter, knowing what to keep private is crucial to maintaining respect and credibility.
This guide highlights five essential things you should never share with colleagues. From sensitive financial details to personal beliefs, these are boundaries that every professional should respect for the sake of both personal privacy and workplace harmony.
1. Financial information
Discussing your financial situation at work—whether it’s your salary, debts, or even that new loan you’ve taken out—can lead to misunderstandings, envy, or resentment. Salary disparities, in particular, are a sensitive topic and can create friction in the workplace if colleagues perceive unfairness. Moreover, sharing details about your finances could unintentionally set you up for gossip or judgment from others, which could alter their view of your professionalism. If you’re asked directly, a polite but firm response, such as “I prefer not to discuss personal finances,” can help maintain boundaries.
2. Political and religious beliefs
In an era of heightened political polarisation and strong opinions on various social issues, discussing your political or religious beliefs at work can be risky. Even casual remarks can lead to disagreements and, in worst cases, workplace conflicts. This doesn’t mean you should hide your identity, but it’s wise to avoid diving into discussions that might alienate or offend others. Maintaining a neutral stance on sensitive topics can help create a respectful, inclusive work environment.
3. Personal health issues
Your health is deeply personal, and sharing too much about any physical or mental health challenges can lead to unintended consequences. While close friends may share personal health information, colleagues don’t need to know the specifics of your medical history. Revealing health information might result in unwanted sympathy, awkwardness, or even doubt about your ability to perform your job effectively.
4. Negative opinions about colleagues or management
It might feel cathartic to vent about a difficult coworker or a strict manager, but sharing these thoughts with other colleagues can easily backfire. Not only can it damage your reputation, but it could also harm your professional relationships if your words get back to the person in question. Criticising team members or managers can make you seem untrustworthy or negative, both of which can hinder your career progression. Maintaining a neutral or positive stance will reflect professionalism and emotional maturity.
5. Ambitions for a new job or career move
Sharing your plans to apply for a new job or change careers might seem harmless, but it could shift how your colleagues or managers view your commitment. If your supervisor learns that you’re planning to leave, it could lead to fewer opportunities or even less favourable treatment as they prepare for your departure. To protect your current position, focus on your work, and wait to share the news until you’re ready to make a formal exit.
Conclusion
In a professional setting, boundaries are essential for a healthy work environment. While sharing parts of your personal life can help build connections, knowing where to draw the line is equally important. By keeping your financial matters, health concerns, personal beliefs, and career ambitions private, you’ll be better able to maintain a positive reputation, foster respectful relationships, and ultimately advance your career without unnecessary complications.
Remember, in the workplace, less can often be more. Protect your privacy, and you’ll find it easier to focus on what truly matters—your professional growth and contributions.
Startup
Taming the restless ‘Monkey Mind’: 6 signs and calming tips
Do you ever feel as if your thoughts are racing, jumping from one idea to the next without pause? This restless state of mind, commonly known as the “monkey mind,” can leave you feeling overwhelmed, distracted, and unable to focus. Imagine a monkey swinging from branch to branch—never still, always moving. The monkey mind does something similar, dragging your attention in multiple directions at once. In a world filled with constant notifications, endless tasks, and overstimulation, it’s no wonder our minds are often buzzing with a mix of unfinished thoughts, worries, and ideas.
Recognising and managing a monkey mind can be a game-changer for mental clarity, productivity, and peace. In this article, we’ll dive into six telltale signs of a monkey mind and explore proven strategies to calm it down and regain focus.
6 Telltale signs of a monkey mind
1. Constant overthinking
A classic sign of a monkey mind is constant overthinking. You may find yourself analysing every detail, reliving past conversations, or stressing over hypothetical situations that may never happen. This mental loop can keep you from moving forward or making decisions, trapping you in a cycle of what-ifs.
Try to channel overthinking into action by setting a time limit for worrying or planning, and then move on. Journaling can also help you process your thoughts and release them from your mind. Practicing mindfulness by focusing on what you’re doing right now can redirect your attention away from endless what-ifs.
2. Difficulty focusing on a task
If you find yourself switching tasks frequently, unable to concentrate on one thing for long, it’s a clear sign your mind may be restless. The monkey mind is easily distracted, often drawn to anything that promises novelty or instant gratification.
Implementing techniques like the Pomodoro Method—where you work for 25 minutes and then take a 5-minute break—can improve focus. Create a designated workspace, eliminate distractions, and try using noise-cancelling headphones or listening to concentration-friendly music to help you stay on task.
3. Procrastination and avoidance
A monkey mind often leads to procrastination, especially when faced with big or daunting tasks. The mind can become overwhelmed by the task’s complexity, prompting you to avoid it entirely and instead focus on smaller, less important activities.
Break tasks into smaller, manageable steps to make them feel less overwhelming. Set a specific goal for each work session, even if it’s just to complete a small portion. Reward yourself for each accomplishment, no matter how small, to keep your momentum going.
4. Heightened anxiety or stress
With the mind constantly jumping from one thought to another, stress and anxiety levels can increase. A monkey mind often dwells on worst-case scenarios and hypothetical fears, causing a continuous cycle of worry and tension.
Incorporate regular deep-breathing exercises or meditation into your day. Slow, mindful breathing can help activate the body’s relaxation response, lowering stress levels and bringing a sense of calm. For some, a quick physical reset—such as stretching or walking—can break the anxiety loop and help you feel grounded.
5. Trouble sleeping
If your mind feels like it’s in overdrive at night, it could be because of a monkey mind. Endless thoughts and worries can make it hard to fall asleep or stay asleep, leaving you feeling exhausted the next day.
Establish a calming bedtime routine to signal your mind and body that it’s time to wind down. Avoid screens at least an hour before bed, and consider listening to a guided meditation or calming sounds to lull your mind into relaxation mode. Journaling before bed can also help you clear your mind by putting your thoughts on paper.
6. Feeling constantly distracted
A monkey’s mind craves stimulation and often finds it challenging to stay present. You may find yourself constantly checking your phone, seeking out new content, or even daydreaming when you should be focused on a task at hand.
Practice “mindful breaks” during your day—short intervals where you put down your devices, observe your surroundings and ground yourself in the present. Limiting the number of things you try to multitask can help, too. Start by giving your full attention to one task, and slowly build your focus endurance from there.
Conclusion
Our minds are naturally curious, and having occasional restless thoughts is normal. However, when the monkey mind takes over, it can disrupt our peace, productivity, and well-being. Recognising the signs of a monkey mind and incorporating calming strategies—like mindfulness, structured work sessions, and relaxation techniques—can help you regain control over your mental landscape. The next time you find your mind swinging wildly, try one of these calming techniques to bring yourself back to a state of balance and clarity.
By making mindfulness a habit and addressing the monkey mind head-on, you’ll be able to cultivate a deeper sense of peace, focus, and contentment in your daily life.
Startup
Swiggy IPO gets oversubscribed led by QIB bids
Foodtech giant Swiggy IPO was oversubscribed 1.07 times by Friday afternoon, the third day of its book-building process.
Qualified Institutional buyers (QIBs), which typically invest on the last day to gauge overall market demand, came through for the company’s IPO, with the portion oversubscribed 1.52 times.
According to the BSE, non-institutional investors(NIIS) made bids for 22% of the allocated issue size, while retail investors subscribed to 97% of the portion.
The Sriharsha Majety-led company saw the quota reserved for employees being subscribed 1.38 times.
On the first and second days of the book-building process, Swiggy IPO was subscribed only 35% and 12%, respectively.
Swiggy has secured nearly Rs 5,085 crore (about $605 million) from anchor investors, including the life insurance and mutual fund divisions of HDFC, ICICI, and SBI. The anchor book attracted participation from over 75 major domestic mutual funds, along with international investors such as Astrone Capital, Fidelity, and BlackRock.
The Bengaluru-headquartered company, which competes with publicly listed Zomato and General Catalyst-backed Zepto, has set its IPO price band at Rs 371 – Rs 390 per equity share.
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