Lukson, a lab-grown diamond D2C brand, opens 10 stores in two years, and what its move into Bandra means

India's lab-grown diamond (synthetic diamond) brand, launched in 2024, Lukson opened its 10th company-operated store in Bandra, Mumbai, on June 16, 2026. That works out to reaching a double-digit store network in about 2 years since the brand's launch. Why is an emerging D2C brand that already found traction through e-commerce now rushing to add physical stores? We examine the shift in values among India's affluent and middle-class consumers, and what Japanese D2C, jewelry, and sustainability-focused companies can learn from it.

Summary of the news behind this

According to trade press reports, Lukson is a brand under JK Star Group, a company with a long history in the diamond business, co-founded by Anand Lukhi and Vedant Lukhi The Bandra store is the company's 10th company-operated store. On the opening, Lukhi commented, "Bandra has been part of our story from the beginning. Opening our 10th store here feels less like a milestone and more like a homecoming."

The product range spans everyday daily jewelry to engagement rings and solitaires, tennis bracelets, pendants, gift collections, men's pieces, and bespoke (custom-designed) work. All products use SGL-certified diamonds and BIS-hallmarked gold, and come with a lifetime buyback guarantee, lifetime replating, and a 7-day return policy.

Background and full picture: why 10 stores in 2 years?

Vertical integration underpins the pace of expansion

Behind Lukson's fast pace of store openings is a vertically integrated D2C model that controls everything from manufacturing to sales in-house. The company operates a CVD (chemical vapor deposition) synthetic diamond manufacturing facility in Surat, in western India, reportedly managing everything from diamond growth to finished jewelry across more than 250 machines. Unlike brands that source rough diamonds externally, controlling cost and inventory in-house makes it easier to keep prices down while directing funds toward store investment. As with Naturals' 170 ice cream parlors, a pattern in which a local brand backed by its own manufacturing rapidly expands its store network is repeatedly seen in India.

Why is the 10th store in Bandra?

Before Bandra, the store network had spread to 2 stores in Pune, 2 in Hyderabad, and stores in Delhi, Noida, Gurugram, Chennai, and Ahmedabad. Having secured a broad footprint across the northern capital region (Delhi, Noida, Gurugram) and major cities in the west and south, the company placed its final store in Mumbai, the commercial capital, and specifically in Bandra. Bandra is a highly influential area where film and fashion industry figures and trend-sensitive, affluent young people gather - a marquee location that shapes how the brand is perceived. The sequence of first racking up numbers in suburban malls before placing a flagship store in a prime location is a standard playbook for capturing both awareness and trust at once. The founder's description of it as "less a milestone, more a homecoming" also reflects the sense that the brand's story is only complete once it has claimed this location. The company reportedly also plans openings at Amanora Mall in Pune and City Centre in Guwahati.

A high-priced product category that needs physical stores

The reason for rushing into physical stores rather than staying purely with e-commerce comes down to the nature of diamonds as a high-priced, high-involvement product. Few people pay tens of thousands to hundreds of thousands of yen for something like an engagement ring based on a screen alone. A place to check the real sparkle and choose while consulting with staff - "trying it on with guidance" - provides the final push toward a purchase. Lukson's emphasis on personal styling consultations reflects a design built around that psychology.

Data: pricing and the speed of the ramp-up

Within what could be verified, here is a summary of Lukson's price range and how quickly the business has ramped up (converted at approximately 1 rupee = 1.8 yen, approximate figures).

What stands out is how low the entry-level price is. Being able to buy a product marketed as "diamond" for around 5,000 yen represents a major shift from India's traditional view of jewelry, which had been centered on natural diamonds. Market research indicates that lab-grown diamonds have essentially the same physical and chemical properties as natural ones, while priced 60-80% lower and this has become a driving force in bringing in a new customer base - the middle class that previously could not afford diamonds.

Reaction locally and in the industry

Within India's jewelry industry, a view is spreading that positions 2026 as "the turning point when lab-grown diamonds move from being an alternative to becoming mainstream." It is an industry view that synthetic diamonds, once often seen as "not the real thing," are increasingly becoming the preferred choice for reasons of price and ethics (lower environmental and human-rights risk associated with mining).

On the consumer side, there is analysis suggesting that minimal, everyday-wearable diamond jewelry is becoming an entry-point product for Gen Z and millennials. The point being made is that a customer base is growing that buys casually as a self-reward or a gift, not only for the major event of an engagement. At the same time, some market reports point to price declines and slowing growth in the broader synthetic diamond category following its rapid expansion in 2024, and there is a cautionary view that competing on cheapness alone can easily turn into a war of attrition.

Implications for Japanese companies: differentiate through "designing trust," not price

For Japanese companies considering entry into India, particularly D2C, jewelry, and sustainability-focused brands, Lukson's approach offers three applicable patterns. Here is a summary laying out the measure, why it works, and how Japanese companies can apply it.

The difference from major retailers' store-opening rush

Even within the same India, a major retailer opening more than 2,000 stores in a year is a game of capital strength, and the playbook differs. Lukson takes a scaled-to-fit approach, placing outlets gradually in locations that sell well - a model especially relevant to smaller Japanese brands that want to keep initial investment low. The idea of bundling sustainability with practical benefit applies just as much to food and agricultural processing. Based on Agriture's own experience positioning dried vegetables and dried pears around the value of "lasting long without waste," we feel environmental consideration only lands with consumers once it is translated into something that benefits them directly.

Ripple effects on the industry and market

India's lab-grown diamond market is projected to grow at an annual rate of about 14.8% from 2026 to 2036. With its manufacturing base in Surat and a long history handling the world's diamond cutting and polishing, India is positioning itself to take control from upstream (manufacturing) all the way down to downstream (retail brands) in one continuous chain. As players with a manufacturing background, like Lukson, move down into company-operated retail, pure retail-only brands will face growing pressure on both price and quality assurance.

If Japanese companies want to engage with this market, a more realistic path is to differentiate through elements that are hard to copy - design, the customer experience, and Japanese-quality warranty operations - rather than confronting the market head-on in a price war. Since Japanese companies cannot win on manufacturing cost, the quality of the brand experience becomes the deciding factor.

Practical information and related links

Here is a summary of basic information about Lukson.

Frequently asked questions

What is the difference between lab-grown and natural diamonds?

A lab-grown diamond is a synthetic diamond grown in a factory, said to have physical and chemical properties nearly identical to natural diamonds. Market research puts the price 60-80% lower than natural diamonds, and the fact that the visual difference is hard to notice is a reason for their growing popularity. That said, the concept of asset value differs from natural diamonds, so consideration should be given depending on the purpose of the purchase.

Why is an emerging brand that sells well through e-commerce adding physical stores?

Because diamonds are a high-priced product that customers want to see in person and discuss with staff before choosing. Lukson expands in the sequence of first identifying areas of demand through digital channels, then placing company-operated stores in high-response cities. The place for trying it on and getting guidance provides the final push toward a purchase.

What does the Bandra opening signify?

Even within Mumbai, Bandra is a highly influential area where film and fashion industry figures and trend-sensitive, affluent young people gather. The sequence of building up store count in suburban cities and malls before placing a flagship store in a prime location is aimed at capturing both awareness and trust at once. It functions as a marquee location that shapes how the brand is perceived.

• Reading the store-opening strategy behind a major Indian retailer's rollout of 2,182 stores
• Learning from Naturals' 170 ice cream parlors and how a local D2C brand builds out physical stores
• Uniqlo's store openings in Pune and Bengaluru and how it chooses cities

Source:

• The Indian Jeweller — Lukson Opens 10th Exclusive Retail Store in Mumbai’s Bandra
• Indian Retailer — Lukson Opens 10th Jewellery Store in Mumbai
• Indian Retailer — Lukson Crosses Rs 75 Lakh in D2C Sales Since Launch