Swarovski bets big on lab-grown diamonds

Falling demand in China prompted the firm to focus on markets like India, where it plans to reach 70 stores in a year

- Varuni Khosla

Swarovski, the Austrian affordable luxury company known for its glass-based products like jewellery, watches and crystal decorations, is focusing on lab-grown or cultured diamond jewellery in India. Although the product line was introduced globally last year, it is now being sold and promoted in the Indian market, Nasr Sleiman, Swarovski's general manager for India, Southeast Asia, and the Middle East, told Mint.

"Created diamonds" is now the fastest-growing business category in this region. We think it's because the pricing is very attractive from an end-consumer standpoint. Globally, prices of diamonds have fallen, so this business will grow a lot in coming days despite the fact that the category needs more awareness right now," he said.