Diamonds may have held the title of "a girl's best friend" for centuries, but a new generation of diamond connoisseurs are embracing a more sustainable and accessible alternative: lab-grown diamonds. Leading the charge are young entrepreneurs from Gujarat, India, who are designing exquisite lab-grown diamond jewellery at SEEPZ in Mumbai, making waves in the international market.
Aditya Jogani, the founder of the Nirvana diamond jewellery brand, stands as a pioneer in this movement. Back in 2016, he became the first to introduce lab-grown diamond jewellery to international consumers. His vision not only brought a new trend to the market, but also addressed a long-standing concern – the high cost of traditional mined diamonds.
Redefining The Diamond Market With Affordable Luxury
The global CVD lab grown diamonds market was valued at $11.3 billion in 2022 and is projected to reach $15.9 billion by 2027, growing at 7% CAGR from 2022 to 2027. Rising demand for alternative sourcing for mined products supported by grown awareness amongst millennial consumers about the authenticity of lab-grown diamonds is expected to be the driving factor for the market.
For many, the dream of owning a diamond piece remained just that – a dream – due to the hefty price tags. Recognizing this, Aditya Jogani, along with his wife Avani, established Nirvana. Their brand, built on the concept of affordable luxury, quickly gained global recognition through word-of-mouth popularity, particularly among Gen-Z consumers.
Nirvana's Impact On The Global Diamond Market
This innovation by a young Indian entrepreneur has had a significant impact on the global diamond market. Jogani's success has not only put India on the map in the lab-grown diamond industry, but also left a positive mark on the international diamond trade as a whole.
Nirvana's rise to fame wasn't fueled by traditional marketing campaigns. Instead, it thrived on the power of organic buzz among young consumers who embraced the brand's philosophy of ethical sourcing and accessible luxury. This shift in consumer preference posed a significant challenge to established diamond companies, as customers increasingly opted for Nirvana's unique and affordable lab-grown diamond creations.
Today, the Nirvana brand enjoys a strong presence in major international hubs like Dubai, Los Angeles, New York, Italy, and Japan. "We actively participate in all major international jewellery shows throughout the year," says Aditya Jogani. "These exhibitions allow us to showcase our exquisite lab-grown diamond jewellery at competitive rates. We participate in roughly six shows annually, offering a diverse range of diamond jewellery suitable for all ages and tastes."
