Inside Lucira’s Tech Bet On Lab-Grown Diamonds

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India’s $89.6 Bn jewellery market has traditionally been dominated by mined diamond and gold. But, as millennials and Gen Z take the wheel to drive the industry at 6.3% a year to $153.7 Bn by 2033, lab-grown diamonds catch the buyer’s fancy. 

Lab-grown diamonds appeal to a younger, sustainability-conscious demographic seeking value and transparency. In fact, the rise of man-made diamond as a sought-after option in studded jewellery is a global phenomenon, creating a whole new segment, growing at 9.6% annually to reach $59.2 Bn by 2032. 

The raging demand is undeniable. As the Indian market for lab-grown diamonds looks set to outshine global growth with a 13.7% surge to $8.3 Bn by the same year, brands are racing to capture the opportunity. After selling Candere to Kalyan Jewellers in 2024, founders Vandana and Rupesh Jain are now building Lucira, a new omnichannel fine jewellery venture centred on lab-grown diamonds, design, and accessibility.

“We are building a design-first fine jewellery brand for the country, one that touches not just metros but also the real Bharat, Tier II and Tier III cities, where aspirations are high,” said Jain. The brand targets millennials and Gen Z, who consider ethics and sustainability just as important as style and design.

The Omnichannel Playbook 

Rising disposable incomes and a shift towards conscious consumption are opening new market gaps in India’s mid-priced jewellery segment.

“Indians who’ve never owned natural diamonds are now trying lab-grown ones – it’s aspirational, accessible, and ethical,” Jain said. “We believe India’s LGD market could easily surpass current projections and become a $60 Bn-plus global force by the next decade.”

Lucira is positioning itself within the INR 20,000–INR 50,000 range — a bracket the founders describe as underserved by large legacy players. Unlike traditional brands that lean either mass or luxury, Lucira aims to occupy the middle ground.

Through Lucira’s omnichannel setup, customers can shop online, visit experience stores to try in person, or opt for the ‘try-at-home’ services available in select cities. It also plans to introduce city-based exhibitions and same-day delivery in select pin codes to enhance customer convenience.

Towards A Tech-Based Jewellery Brand

The startup has developed a tech stack integrating ERP, CRM, and data intelligence tools to streamline operations and consumer targeting.

“Our strategy is pin code-led,” said Jain. “If data shows Jaipur buyers prefer traditional motifs during Teej, we tailor communication and stock accordingly. In Pune, the same system might prioritise minimalist designs.”

This data-driven approach supports Lucira’s offline expansion roadmap. It depends on this data pool to decide where to open stores, how much inventory to stock, and which price points resonate.

“We aim to build a tech-first jewellery brand, and not just another jewellery retailer,” said Jain. 

Over the next two to three years, Lucira plans to focus on expanding its offline presence, refining data-led store planning, and strengthening its talent base.