Augmont adds lab grown diamonds to online SPOT trading platform

Gold trading platform Augmont has launched lab grown diamonds on its existing online SPOT trading platform to introduce transparent pricing mechanisms. The business’ enhanced ‘SPOT 2.0 platform’ now caters to more than 5,000 jewellers across India. 

“Augmont has firmly established itself as India’s go-to destination for buying and selling gold,” said Augmont Group’s director Ketan Kothari in a press release. “Building on this strong foundation, we are proud to have our own lab-grown diamond (LGD) platform on Augmont SPOT, addressing the surging demand in this rapidly growing industry. The platform will enable market pricing and delivery of these diamonds globally including USA, Europe, Gulf and East Asia.”

The launch is designed to represent an evolution of diamond trading infrastructure and streamline the procurement processes for the lab grown diamond market. All listed diamonds on the platform have gone through certification and verification processes for transparency.

“With the extended version of SPOT, we plan to set a benchmark for LGD pricing,” said Augmont’s product head of lab grown diamonds Aarav Bafna. “The current LGD pricing model, based solely on discounts relative to mined diamonds, is fundamentally flawed and irrational. Augmont is here to transform that narrative. Just as we revolutionised gold trading and price discovery in India, we are now ready to redefine and reimagine the LGD market.”

Augmont describes itself as “India’s leading end-to-end gold platform” and counts over 40 million customers. The business counts over 100 brick-and-mortar stores and retail touch-points in India and its SPOT platform for online trading integrates the entire lifecycle of gold for its customers.