Augmont, India’s largest gold trading platform, has announced a significant enhancement to its SPOT trading platform by integrating Lab-Grown Diamonds (LGD). This move caters to over 5,000 jewellers across the country and underscores Augmont’s commitment to innovation in the precious metals and gems market.

The enhanced SPOT 2.0 platform leverages Augmont’s 17 years of expertise in precious metals trading and brings this experience to the growing lab-grown diamond sector. As India continues to hold its position as the world’s largest diamond cutting and polishing hub, this strategic addition aims to revolutionise diamond trading infrastructure.

Transparency and Efficiency in the LGD Market

The upgraded platform introduces transparent pricing mechanisms and streamlined procurement processes, inspiring confidence among industry stakeholders. Jewellers can benefit from simplified sourcing and fair market pricing, crucial for staying competitive in the evolving market landscape.

Leadership Insights

Ketan Kothari, Director of Augmont Group, expressed his enthusiasm about the expansion: “Augmont has firmly established itself as India’s go-to destination for buying and selling gold. Building on this strong foundation, we are proud to have our own lab-grown diamond (LGD) platform on Augmont SPOT, addressing the surging demand in this rapidly growing industry. The platform will enable market pricing and delivery of these diamonds globally, including the USA, Europe, Gulf, and East Asia.”

Aarav Bafna, Product Head (LGD) at Augmont, highlighted the importance of redefining the LGD pricing model: “With the extended version of SPOT, we plan to set a benchmark for LGD pricing. The current LGD pricing model, based solely on discounts relative to mined diamonds, is fundamentally flawed and irrational. Augmont is here to transform that narrative. Just as we revolutionised gold trading and price discovery in India, we are now ready to redefine and reimagine the LGD market.”

Comprehensive Trading Experience

SPOT 2.0 offers a unified trading experience, enabling jewellers to source a wide range of manufacturing requirements, including gold, silver, platinum, lab-grown diamonds, precious metal alloys, and other essential materials. The platform features real-time price discovery powered by advanced algorithms, ensuring transparent and fair pricing. Quality assurance is prioritised through robust certification and verification processes for all listed diamonds.

Meeting Market Demands

The demand for lab-grown diamonds has been growing rapidly due to their sustainable nature and competitive pricing. Augmont’s SPOT platform is well-positioned to handle substantial trading volumes, reflecting India’s dominance in the global LGD polishing industry.

According to Commerce Ministry data, India polished nearly 98% of all lab-grown diamonds worldwide in 2022. The trend is expected to continue as the global market for LGDs expands.

A Growing Global Market

An EY report forecasts that the global market for lab-grown diamonds is set to grow at a compound annual growth rate (CAGR) of 8.64%, reaching $39.3 billion by 2028. In India, the lab-grown diamond jewellery market, valued at approximately $300 million in 2023, is projected to increase to $1.2 billion by 2033.

With the integration of lab-grown diamonds, Augmont’s SPOT 2.0 platform marks a transformative step for the jewellery and precious metals trading industry. By fostering transparency, efficiency, and innovation, the platform aims to redefine the trading landscape and support the growing demand for sustainable and competitively priced lab-grown diamonds.