Prismara steps up offline push across Delhi-NCR and Jaipur, eyes Mumbai and Bengaluru next in near future
Lab-grown diamond prices are moving towards a healthier balance between supply and demand after years of steep correction, according to Prismara co-founder and CEO Saransh Kothari, as the brand steps up its offline expansion with a focus on Delhi-NCR and Jaipur and evaluates Mumbai and Bengaluru for the next financial year.
“Previously, when lab-grown diamonds were priced, they were also priced very ridiculously. If you had one diamond that was USD 10,000 per carat, it’s an insane number. Although prices have fallen sharply in the last few years, they are actually coming to a normalised rate. Now lab-grown diamonds are being priced closer to what they should be priced at,” said Kothari to BW Retail World.
A July 2026 report estimated that lab-grown diamond prices had fallen nearly 88 per cent between 2020 and 2026. According to the Gem & Jewellery Export Promotion Council (GJEPC), polished lab-grown diamond exports from India declined 10.55 per cent year-on-year to USD 1.13 billion in FY26 even as volumes increased, with GJEPC attributing the decline to an ongoing price correction. Meanwhile, exports of jewellery studded with lab-grown diamonds rose 31.3 per cent to USD 1.43 billion.
He said the industry had moved from a period when supply was limited, when demand far outstripped supply and margins were “insane” to a more balanced market, with improving production capabilities increasing supply while consumer demand continues to grow.
Prismara Bets Big Offline
Prismara, which started in 2025, opened its first store in Lajpat Nagar, Delhi, and is now expanding its physical retail footprint. Its Gurugram store is opening on 21 August, while its Jaipur store is expected to become operational next week, with a larger launch planned in October ahead of Diwali.
“We are looking to expand heavily offline. The Indian consumer still treats jewellery as a very emotional piece. It is something they want to touch and feel,” said Kothari.
For the current financial year, the company is concentrating on Delhi-NCR, with properties being evaluated across Delhi, Gurugram and Noida. Kothari said the company does not have a fixed store-count target and will make expansion decisions based on market data and the maturity of individual markets.
“Right now, our focus is in Delhi-NCR, with the intention of becoming a national brand,” said Kothari.
After Delhi-NCR and Jaipur, Prismara is evaluating Mumbai and Bengaluru as potential markets for the next financial year. However, Kothari stressed that there is no commitment yet to enter either city, with decisions dependent on how lab-grown diamond consumption develops in the respective markets.
The company plans to eventually move into other tier 1 cities before evaluating tier 2 and 3 markets.
Offline retail currently accounts for the bulk of Prismara’s business. Kothari estimates the company’s offline-online sales mix at around 75:25, although it can vary between 75:25 and 90:10 depending on the month. The company’s online platform primarily serves as a brand and product discovery channel.
The company has also seen demand from outside its existing store markets. Kothari said some customers have travelled more than 1.5 hours from tier 2 cities and city outskirts to visit Prismara stores, reinforcing the company’s view that physical retail will remain important for jewellery purchases.
“There are two different types of consumers. One consumer knows what lab-grown diamond is, knows what they want to buy and simply goes on our website. Then there is the other group of customers who still want to walk in, feel the jewellery piece and learn about it,” said Kothari.
Prismara combines lab-grown diamonds with natural coloured gemstones and is vertically integrated across diamond growing, cutting and polishing, jewellery manufacturing and retail. The business is part of the KGK Group, which traces its origins to 1905.
Festive Season Fuels Expansion
The upcoming festive season is expected to provide another demand trigger. Kothari said jewellery businesses can sometimes see average monthly revenue rise by around 50 per cent during the festive period, although the increase varies significantly by location and product mix.
“This is our first festive season that we are experiencing with the physical offline stores. It is going to be our first time getting real market data in terms of what it looks like from a physical perspective,” said Kothari.
The company expects jewellery gifting to be another demand driver during the season and offers products in 9-karat, 14-karat and 18-karat gold, along with lab-grown diamonds, natural coloured stones and customisation options.
Prismara is also positioning personalisation as a key differentiator as it seeks to expand beyond younger consumers. Kothari said the brand has seen customers ranging from 16 to 80 years, challenging the perception that lab-grown diamonds are primarily a Gen Z and millennial category.
According to Kothari, the ability to modify designs without significantly changing the overall budget is one of the factors broadening the category’s appeal.
For Prismara, the expansion is part of KGK’s move from its traditional business-to-business jewellery operations into direct-to-consumer retail. The company intends to use its vertically integrated supply chain and retail network to build a national consumer brand, while the current focus remains on establishing its presence across Delhi-NCR.
