Demi-fine jewellery brand Palmonas is set to enter the lab-grown diamond (LGD) segment, joining a growing list of jewellery players betting on the fast-expanding category as consumer acceptance rises and competition intensifies.The move comes amid rising interest in lab-grown diamonds. Titan Company launched its BeYon brand in December 2025, while Bluestone has backed lab-grown diamond startup Ethera, emerging as a major shareholder as it deepens its play in the category.Responding to an elaborate questionnaire from businessline, Palmonas confirmed that it will introduce lab-grown diamond jewellery across its 9KT and 14KT collections. Sources familiar with the company’s plans had earlier confirmed the development.“We see significant long-term potential in the lab-grown diamond category, but our current focus is on building the business thoughtfully rather than setting short-term revenue targets. As demand grows, we’ll continue investing in product development, customer education, and strengthening the overall retail and digital experience,” a company spokesperson said.The expansion comes as India’s lab-grown diamond market gathers pace. According to Wazir Advisors, the domestic market was valued at around ₹3,452 crore ($400 million) in FY25 and is expected to reach ₹5,179 crore ($600 million) by FY28, growing at a CAGR of 14 per cent.Globally, the lab-grown diamond market was valued at $29.46 billion in 2025 and is projected to reach $91.85 billion by 2034, registering a CAGR of 13.42 per cent, according to Fortune Business Insights.The company’s latest category expansion also coincides with its international push. Palmonas recently opened its first overseas store at Al Reem Mall in Abu Dhabi and plans to launch a second outlet in Dubai by the end of July.With organised jewellers increasingly adding lab-grown diamonds to their portfolios and consumers becoming more receptive to affordable diamond jewellery, Palmonas’ entry signals that the category is moving beyond niche positioning into the mainstream.Published on July 21, 2026