Q&A: Jayen Shah, Founder of Mavuca Capital Advisors
National Jeweler chats with the career banker about the prospects for the lab-grown diamond industry and financing options.

Jayen Shah: Millennials and Gen Zers constitute probably the biggest growing demographically similar consumer segment.
On the other hand, lab-grown diamond technology has been around for more than 60 years. However, it is only recently that advancements in technology have made high quality, affordable lab-grown diamonds a reality.
- Time taken for technology stabilization, product adoption and quality framework;
- Volatility in product pricing;
- Limited or non-availability of “seconds” market;
- Fragmentation of market players;
- Higher financial risk-reward; and
- Perception of enhanced credit risk.
- Financing format: term loan
- Tenure: up to seven years
- Amount of loan: up to 70 percent of the project cost. However, many lenders require cost of land purchase to be funded from promoters’ equity.
- Loan repayment with principal repayment moratorium for 12-18 months and, thereafter, principal repayments customized to projected cash flow generation.
- Financial covenants linked to operating parameters, such as debt/EBIDTA and/or debt service coverage ratio (DSCR)
- Security: first charge of land, plant and machinery
- Ratings: lenders prefer to have investment grade rating from SEBI-registered rating agencies.
This story is one of three included in the special India Diamond Report newsletter. The stories are produced by an independent editor based in India.
The Latest

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.


As demand for custom jewelry grows, the company is expanding its services to support retailers.

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The organization elected its youngest vice president as it looks to draw in fresh talent.

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

Sponsored by The INSTORE Jewelry Show 2025

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

Production at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.

A new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.

Jake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.