What KIRA's founder thinks about lab grown diamonds: inside the vision
Lab grown diamonds are transforming the global jewellery market. Once seen as a niche product, they are now at the centre of growing demand thanks to their affordability, ethical sourcing and technological advances. Consumers today, especially younger generations, are increasingly choosing lab grown diamonds over mined ones, leading to a rapidly expanding market segment.
At the forefront of this shift is KIRA, a global leader in lab grown diamond manufacturing. Led by Mr Rajesh Lakhani, the company is redefining accessibility, quality and sustainability. As one of the largest producers in the world, KIRA's vision influences the entire B2B ecosystem, setting benchmarks for manufacturing, pricing and market expansion.
The shift from mined to lab grown
Serving the 20 to 40 per cent market, not just the 2 per cent elite
Traditionally, diamonds were a luxury reserved for the wealthiest 2 per cent of the population. Lab grown diamonds are changing that by offering an affordable alternative, opening the market to a much wider audience, potentially 20 to 40 per cent of consumers. High quality jewellery is no longer a once in a lifetime purchase but an accessible option for multiple occasions.
A lifestyle choice
Beyond affordability, lab grown diamonds are becoming a lifestyle choice. Many consumers prefer them for ethical reasons, as they remove concerns about environmental damage and conflict mining. For modern buyers, especially younger generations, they align with values of sustainability and responsible luxury.
The global market landscape
80 per cent demand from the US and what that means for B2B
The United States leads global demand, accounting for around 80 per cent of consumption. For B2B players like KIRA this means a strategic focus on supplying wholesalers and retailers in the American market. Chain stores and independent retailers alike are embracing lab grown diamonds as consumer demand grows.
Growing acceptance in Europe, the Middle East and India
While the United States dominates, Europe, the Middle East and India are catching up. Initially Indian jewellers were sceptical, but as awareness grows more retailers are stocking lab grown stones. In the Middle East, traditional market preferences are shifting, with an increasing number of jewellers seeing success.
KIRA's founding philosophy and strategic vision
Making stones accessible to all
KIRA's mission is clear: to make lab grown diamonds accessible to every household. The company sees a significant gap in the market and aims to fill it by ensuring the product is within reach for a broader audience.
Vertical integration as a competitive edge
Unlike many competitors, KIRA controls every stage of production, from growing to cutting and polishing. This vertical integration ensures quality control, cost efficiency and the ability to meet market demand seamlessly.
The UAE advantage and global expansion
With operations in both India and the UAE, KIRA is strategically positioned for global expansion. The UAE's business friendly environment provides an additional advantage for scaling production and distribution internationally.
Thoughts on pricing, margins and market dynamics
Declining prices: challenge or opportunity
As production scales, prices have naturally declined. Mr Lakhani sees this not as a challenge but as industry evolution. Initially margins were higher due to limited players. Now, with more entrants, pricing has stabilised, benefiting both retailers and consumers.
Long term profitability in the CVD supply chain
Despite price stabilisation, long term profitability remains strong. The key lies in strategic pricing, vertical integration and market positioning. As CVD manufacturing becomes mainstream, businesses that adapt to evolving demand will thrive.
CVD manufacturing at scale
4,000 plus reactors and a 1,000,000 sq. ft. operation
KIRA operates on an unprecedented scale, with over 4,000 reactors and a production facility spanning 1,000,000 square feet. This scale ensures consistent supply and cost efficiency, solidifying our reputation as a leading CVD supplier.
How scale meets sustainability
Beyond sheer volume, KIRA is committed to sustainability. The company has invested in renewable energy, including a work in progress 100 megawatt solar power plant, to minimise environmental impact.
A dual approach to B2B supply
Serving both wholesalers and jewellery retailers
KIRA caters to both wholesalers of loose grown stones and jewellery manufacturers. Some clients prefer certified loose stones, while others require ready made jewellery. KIRA ensures it meets both needs effectively.
Certified and non certified options
KIRA offers both certified and non certified stones, recognising the diverse requirements of different jewellers. Certified stones cater to high end retailers, while non certified options provide cost effective solutions for various market segments.
The road ahead
Educating jewellers and consumers
Despite growing acceptance, education remains key. Many jewellers and consumers still hold misconceptions. KIRA is actively working to bridge this knowledge gap through awareness campaigns and industry collaborations.
Leveraging trade shows and events
Trade shows like JCK, IIJS and JGW Hong Kong have played a crucial role in expanding KIRA's reach. These events help connect with new clients, strengthen existing partnerships and showcase the latest advances in lab grown diamond technology.
Conclusion
Mr Rajesh Lakhani's vision for KIRA is clear: to make high quality lab grown diamonds accessible, sustainable and widely accepted in the global market. As certified lab grown diamonds continue to gain traction, manufacturers like us play a pivotal role in shaping industry trends and consumer perceptions.
For retailers and wholesalers looking for a reliable partner in CVD manufacturing, KIRA offers scale, quality and strategic expertise. The industry is only beginning its global expansion, and KIRA is leading the way.