How Rupesh Jain’s Lucira Wants To Redefine Luxury With Lab-Grown Diamonds

Diamonds may never lose their lustre, but the industry is undergoing a quiet transformation. Once seen as a niche alternative, lab-grown diamonds (LGDs) are gaining mainstream traction, driven by rising awareness around sustainability, traceability, and ethical sourcing.

First created by General Electric in the 1950s, lab-grown diamonds (LGDs) have evolved through decades of research. Made from diamond seeds in controlled environments, they match natural stones on the 4Cs — cut, clarity, colour and carat — but cost 60–70% less.

The reasons are clear: no mining, no environmental degradation, and far lower production costs, making LGDs a compelling choice in a market long dominated by mined gems.

“In essence, they are the future, signalling the coming of a new age,” said Rupesh Jain, founder of Candere and Lucira. 

Born in a family of jewellers and a software engineer by training, he built Candere from scratch and exited when Kalyan Jewellers acquired the fine jewellery brand at a valuation of INR 300 Cr. He has now taken a leap of faith and transitioned to lab-grown diamonds with an all-new brand called Lucira (derived from lucent), set to be launched around Akshaya Tritiya (April 30) this year.

Jain will be tapping into a global lab-grown diamond market expected to reach $59.2 Bn by 2032 at a CAGR of 9.6%. In India, the market value is expected to grow at a CAGR of 13.7% to reach $8.3 Bn by 2032.  

The new venture aims to bring sustainable, exclusive pieces tailored for fashion-forward buyers who crave contemporary, stackable and convertible solitaire jewellery — designs that seamlessly integrate into everyday wear. Lucira’s core clientele includes modern brides and grooms, discerning gifters and individuals celebrating special occasions and personal milestones. The brand will also appeal to global Indians who value tradition and transformation.

Lucira is building a hybrid distribution model, starting with ecommerce and expanding into physical retail. To bridge the trust gap often seen in online jewellery purchases, it plans to introduce try-at-home services and expert consultations in the coming year.

Operationally, the brand relies on a shorter, more transparent supply chain. Key processes like sorting, cutting, polishing and setting are handled nearby, reducing dependency on multiple intermediaries. This proximity enables just-in-time manufacturing and tighter control over costs.

To mitigate post-purchase friction, it plans to offer a 15-day window for returns and exchanges. Exchanges are free; refunds (excluding damaged products) carry a nominal shipping fee. Customised pieces and high-value items qualify only for exchange. A lifetime exchange and 90% buyback policy further support long-term ownership.

The brand is positioned for woke millennials and Gen Z, who weigh ethics and sustainability alongside aesthetics. Unlike their mined counterparts, lab-grown diamonds are not tied to ethical dilemmas, human rights abuses or environmental effects, boasting up to 80% lower carbon footprint.

“I wanted to create a brand that respects tradition while embracing the future where luxury is beautiful and responsible. Younger generations want their love stories to reflect their values. And Lucira is my response to this cultural shift,” he said, adding that his new venture would focus on fine jewellery made affordable through tech innovation. 

How Lucira Aims To Dazzle: A Deep Dive Into Its Technology, Design & Quality

In spite of growing interest, LGDs remain a novelty for traditional carat shoppers who often link diamonds with status and legacy.

The perception that lower prices signal inferior quality also lingers among consumers. The lower price tag of lab-grown diamonds triggers doubt rather than comfort. And price sensitivity, instead of working in favour of LGD products, often becomes a psychological hurdle. 

The obstacles don’t stop there. High customer acquisition costs, aggressive retargeting efforts, the risk of returns, fierce competition, demand for customisation and regulatory hurdles, including import duties, further inflate final price tags.

To cope with these challenges and outshine its peers, Lucira has built four clear differentiators. These include:  

CVD diamonds for purity, sustainability and affordability: Lucira’s diamonds are created using the chemical vapour deposition (CVD) method, which exposes small diamond seeds to carbon-rich gases in an energy-efficient vacuum chamber.This method consumes less water and energy, generates no toxic runoff and avoids mining-related land degradation. Diamonds are cut and polished, often in facilities powered by renewable energy. Many producers also incorporate recycled gases and carbon capture methods, thus enhancing sustainability. 

Design innovation: Jain’s vision for Lucira’s design language is clear. It will be bold, clutterless, warm and deliberately understated. The brand focuses on clean, versatile designs inspired by traditional Indian motifs and adapted for modern, everyday wear.All pieces are crafted using eco-friendly manufacturing processes, aiming for high precision without compromising on aesthetics or sustainability.

Ergonomic jewellery for greater comfort: Each piece is lightweight, skin-friendly, and free of nickel and lead. Thoughtfully designed open-back settings also enhance airflow and help avoid skin irritations caused by long-time wear. 

Validation and certifications: While certification for lab-grown diamonds is not legally required in India, most are evaluated by prestigious labs like the Gemological Institute of America (GIA), the International Gemological Institute (IGI) and Solitaire Gemmological Laboratories (SGL). These certificates provide details regarding the 4Cs and confirm a diamond’s lab origin, ensuring quality and transparency for consumers.

As the industry operates within the broader framework of trade, hallmarking and consumer protection regulations, sellers are legally bound to disclose the synthetic nature of diamonds per the guidelines of the Bureau of Indian Standards (BIS) and the Consumer Protection Act.

While hallmarking remains mandatory for gold, it is not enforced for diamonds. Still, certification is widely regarded as an industry standard. Importers of lab-grown rough diamonds must comply with customs regulations, using designated HS codes and providing documentation that confirms their synthetic origin.

Lucira’s Growth Plans To Reach New Heights, Redefine Diamond Buying

Lab-grown diamonds might be the latest trend in the global fine jewellery/affordable luxury segment. Still, it is growing quickly and may account for 21% of all diamonds sold in 2025, per a Statista report. More interestingly, many Indian startups dealing in LGDs recently raised early stage venture funding. Among these were Jewelbox, Firefly Diamonds, Limelight Diamonds and True Diamond.

On the other hand, Solitario raised $3.6 Mn in a pre-IPO round, while Aukera Jewellery is reportedly in talks to secure $15 Mn in Series B. Besides, India has an export potential worth INR 40K Cr, and the lab-grown diamond brands at home can lock horns with global giants.     

Given these growth opportunities, Jain is positioning Lucira for the long haul and building strong customer connections. Every detail regarding the brand — from micro-interactions and curated product pages to guided, concierge-like experiences — featured on its website should help build the momentum further and drive traction. 

Lucira is trying to craft its legacy by shaping the responsible luxury trend in India’s highly aspirational market. During its initial phase, Jain wants to establish the company as a go-to brand for solitaire jewellery, especially rings, and streamline its D2C revenue channel. After developing a strong online presence, he plans to introduce a plethora of brick-and-mortar outlets and technology tools.

The brand’s expansion will unfold in phases, from online to offline stores in key locations. Jain’s vision is an omnichannel model combining the best digital and physical retail, ensuring a sustainable and scalable growth trajectory.

The first two retail outlets will be set up in Mumbai and Delhi this year. The founder is keen to start eight stores in key metros in the second year, followed by 16 in the third year and 32 more offline stores in the fourth year. These will include the company’s outlets across global markets such as the Middle East, the UK and the US.

The second phase will introduce customisable engagement rings, engraved solitaires and stackable sets, all powered by 3D design tools, AI-driven recommendations, product personalisation, virtual try-ons and blockchain-backed provenance. Next, Lucira will expand into lightweight workwear solitaires, casual luxury pieces and convertible designs to cater to different occasions.

Jain told Inc42 he would keep luxury bridal collections, cocktail rings and exclusive high-fashion pieces for later. He would collaborate with renowned designers to infuse art, culture, and contemporary trends into those exclusive pieces. 

“We aim to become the Tiffany of lab-grown solitaires — not by imitation, but by innovation,” he added. 

Whether it can cut through the noise of an already cluttered market remains to be seen, but Jain’s Lucira is setting the stage with a polished pitch.