New Delhi: Malabar Gold & Diamonds is exploring an entry into the lab-gemond market with a distinct branding strategy, joining a small but growing list of Large Jewelry Retailers Segment.
The company is studying consumer interest in lab-road diamonds and evaluating how best to position its offering, said mp ahammed, Chairman of the Kerala-Headquartred Group. “We want to come in with a different proposation with a separe identity and not mix it with natural diamonds, as customers are different. Press Conference in Delhi.
Malabar has not yet set a timeline for its venture.
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“Malabar is always open to undersrstanding customer needs. Short-Term View, “Added O. Assher, Managing Director.
If it moves ahead, Malabar would be among the few national jewelery chains in India to enter this space. Last Year, Senco Gold Ltd Began Piloting Lab-Grown Diamonds Under a Sub-Brand Called Sennes.
India’s overall diamond market is estimated at $ 6.2 billion in FY25, with lab-gemands accounting for just $ 0.4 billion, according to Wazir Advisors. Both segments are expected to grow, with natural diamonds projection to reach $ 8.6 billion and lab-wind $ 0.6 billion by fy28.
While India and China have emerged as Major Producers of Lab-Grown Diamonds, Retail Adoption in Both Markets Has Been Slow, Executives Said. Lab-Grown Diamonds are Typically Priceed at a Significant Discount to Natural Ones and Have Found Takers Among A Mix of Jewelery Startups and Traditional Family-Run Jewellers looking to divisifies.
Malabar, which primarily catters to the wedding segment with gold jewelery as its mainstay, also retiils solitaires and engine rings. The Company Operates Over 390 Stores Across 13 Countries and Reported Annual Turnover of $ 6.2 Billion Calendar Year 2024.
Impact of Gold Pries
The company is also responding to the impact of high gold prisles, which have weighed on consumer demand. In April, Gold Touched a High of 96,875 per 10 grams, prompting a visible correction in volumes, as per industry executives.
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“Consures with a budget of 1 Lakh cannot increase their spending, so we have seen a correction in volumes, “Asher said. We are also offering jewelery in various caats. “
“Due to a jump in gold prisles, consumers with a budget of Rs1 Lakh cannot increase their budget, so we have seen a correction in Volumes. UP with Different Programs and Different Categories of Products. Afford Gold Jewelery, “He said.
Malabar Plans to Introduce more 18-Carat and 14-Carat Designs to Offer Value-Conscious Customers More Options, Mirroring a Shift Across Across the Organized Jewellery Sector.
“We are trying to explore a little bit in 18 karat,” Asher added. “We have come up with Various Innovations to Reduce the Budget without Reducing the look.”
The company aims to open at least 50 new stores in India this fiscal as it expands its retail footprint.