Rupesh

Founder - Lucira (Redefining how India buys diamond jewelries) | Ex-Founder at Candere (acquired by Kalyan Jewellers )

[Rupesh @rupeshjane]

Gold prices are up ~60% in 9 months
₹87k → ₹1.35L for 10g (24K)

But no one’s income rose that fast.

Families buy less gold.
Jewellers lose margins.
Designers lose work.
Small stores freeze.
Karigars suffer.

It’s an existential crisis for India’s jewellery ecosystem.

[Rupesh @rupeshjane]

An investor asked if I’m worried about so many LGD brands raising funds.

I said no.
Right now, we’re building awareness together.

Once customers are educated, they won’t buy a commodity.

They’ll choose the brand that stands for something.

That’s the game we’re building for.

[Rupesh @rupeshjane]

India’s lab-grown diamond exports just doubled in 1 year 7.8M → 15.3M carats🤯

How?

It’s cutting skill + low-cost power + CVD scale + policy support.

Unlike mined diamonds, most value is created in India.

The lab-grown diamond factory of the world is being built here!

[Rupesh @rupeshjane]

As a founder, I see this as both a market correction and a creative opening.

If grading language defines our perception of diamonds, maybe it’s time we shape our own, rooted in progress & transparency.

Because lab-grown diamonds aren’t losing value.
They’re finding identity. 💎

[Rupesh @rupeshjane]

In October 2025, GIA is officially retired the 4Cs for lab-grown diamonds.

From now on, every lab-grown stone will be graded as either “Premium” or “Standard.”

Media is rarely talking about it, but this could be defining for our industry. 🧵

[Rupesh @rupeshjane]

However, let’s not forget that in 2020, GIA adopted the 4Cs for lab-grown diamonds to enhance credibility.

Five years later, they’ve rolled it back.

And that's now the best thing about Lab Grown Diamonds.

[Rupesh @rupeshjane]

To make things worse, the U.S. left loopholes open.

“Legacy” Russian diamonds mined before 2024 are still allowed.

So, American importers got cheaper stones, while European ones were bogged down in red tape.

[Rupesh @rupeshjane]

The G7 wanted to punish Russia by banning its diamonds.

But instead, it ended up breaking Antwerp, the world’s diamond capital and reshaping global trade in just 18 months. 🧵

[Rupesh @rupeshjane]

Meanwhile, Antwerp’s small traders faced fines of up to €40M if they mis declared origins.

Many were unable to move inventory or access credit.
Antwerp’s diamond trade dropped 35% in early 2025 before all sanctions even took effect.

[Rupesh @rupeshjane]

China is a signal to Global markets, shift in cultural values and loss of store value in natural diamonds is hitting the space hard.

So I feel diamonds are forever only if they align with the changing values of people across the globe.

[Rupesh @rupeshjane]

In 2021, China’s diamond market was booming: $15.5B in sales, 14% of jewellery share. Cut to 2024, it’s $6B, with only 6% share.

Meanwhile, gold's market share surged from 58% to 73%.

What exactly happened in the Chinese jewellery market?🧵

[Rupesh @rupeshjane]

Additionally, the real estate crisis, Demographic ageing, and Youth unemployment are forcing the country to stay away from luxury.

These cultural and economic factors are driving significant shifts in China and, ultimately, the global diamond supply chain.