Demi-fine jewellery brand Palmonas is set to enter the lab-grown diamond (LGD) segment, marking its expansion into one of the fastest-growing categories in the jewellery industry. The company will introduce lab-grown diamond jewellery across its 9KT and 14KT collections, reflecting rising consumer demand for affordable and sustainable diamond jewellery.
The move comes as organised jewellery brands continue to strengthen their presence in the lab-grown diamond market. Recent developments include Titan Company’s launch of the BeYon brand and Bluestone’s investment in lab-grown diamond startup Ethera, highlighting growing industry confidence in the category.
Commenting on the expansion, a company spokesperson said Palmonas sees significant long-term potential in the lab-grown diamond market but remains focused on building the business thoughtfully rather than pursuing short-term revenue targets. The company plans to continue investing in product development, customer education, and enhancing both its retail and digital experiences as the category evolves.
India’s lab-grown diamond market has witnessed strong momentum in recent years. According to Wazir Advisors, the domestic market was valued at approximately ₹3,452 crore ($400 million) in FY25 and is projected to reach ₹5,179 crore ($600 million) by FY28, growing at a 14% CAGR.
The global opportunity is expanding as well. According to Fortune Business Insights, the worldwide lab-grown diamond market was valued at $29.46 billion in 2025 and is expected to grow to $91.85 billion by 2034, registering a 13.42% CAGR.
The category expansion also aligns with Palmonas’ international growth strategy. The brand recently opened its first overseas store at Al Reem Mall in Abu Dhabi and plans to launch a second outlet in Dubai by the end of July, strengthening its presence in the Middle East.
With increasing consumer acceptance, competitive pricing, and broader retail adoption, lab-grown diamonds are steadily moving into the mainstream jewellery market. Through its latest product expansion and international retail growth, Palmonas is positioning itself to capitalize on this evolving opportunity while broadening its offerings for modern jewellery consumers.
Source: Based on reporting by BusinessLine, with additional editorial adaptation and analysis.
