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Shining bright: The rise of lab-grown diamonds in India
- Indian diamond market sees a significant transformation with the rise of lab-grown diamonds.
- The lab-grown diamond jewellery market in India is predicted to grow from $299.9m in 2023 to $1,192.3m by 2033.
- Lab-grown diamonds are physically and chemically identical to mined diamonds.
- Indian labs manufacture diamonds using Chemical Vapor Deposition (CVD) technique which keeps manufacturing costs low.
- Lab-grown diamonds are subject to market forces resulting in more competitive pricing, making them affordable.
- Lab-grown diamonds are sustainable, ethical, and environmentally friendly with no blood diamond tag.
- Lab-grown diamonds are almost 10 times cheaper compared to natural diamonds, attracting eco-conscious customers.
- Jewellery players in India are tapping the market such as Tata Group’s Trent and Senco Gold.
- The upcoming Indian lab-grown diamond industry is expected to create a significant advantage for brands with trusted brand positioning.
- The Gems and Jewellery Export Promotion Council has called for clear regulations requiring traders to indicate whether a diamond is natural or lab-grown in their marketing to eliminate confusion.
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