Augmont expands SPOT Gold Trading platform to lab grown diamonds

Gold trading platform Augmont has announced that it has added lab grown diamonds (LGD) to its existing online SPOT trading platform for precious metals catering to more than 5,000 jewellers across the country. 

This addition represents an evolution of diamond trading infrastructure, particularly as India maintains its position as the world’s largest diamond cutting and polishing destination, the entity said.

“The platform enhancement introduces transparent pricing mechanisms and streamlined procurement processes for the LGD market inspiring confidence among key stakeholders,” it said. 

“This strategic move is set to streamline the procurement for jewellers while establishing a transparent and efficient pricing mechanism for the rapidly growing LGD market in India,” it added.

Ketan Kothari, Director, Augmont Group, said, “The platform will enable market pricing and delivery of these diamonds globally including USA, Europe, Gulf and East Asia’’

Aarav Bafna, Product Head (LGD), Augmont, said, “With the extended version of SPOT, we plan to set a benchmark for LGD pricing. The current LGD pricing model, based solely on discounts relative to mined diamonds, is fundamentally flawed and irrational.” 

“We are 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,” he said.