Whether out of environmental consciousness or cost advantage, there’s been a gradual increase in the number of people opting for lab grown diamonds the world over.
India is one of the largest contributors to the global jewelry industry, including lab grown diamond jewelry. Consider these figures:
Going by the numbers and figures, one thing is clear – the future of lab grown diamond jewelry in India is getting brighter. Let’s talk about what makes the Indian grown diamond industry so vibrant and promising.
India has been exporting lab grown diamonds to different countries. Its grown diamond export rate has been increasing year-after-year. According to a report, the exports saw a 103% increase from 2020 to 2021.
India exports both CVD and HPHT diamonds as well as diamond jewelry made with these stones to different parts of the world.
According to the latest reports, India has an export potential of INR 40,000 crore of lab grown diamonds in the next five years. Lab grown diamond manufacturers in India have urged the government to bring lab diamonds under its production-linked incentive (PLI) scheme.
With the best of infrastructure and expertise, India is among the top contributors of lab diamonds to the world. The global lab diamond production is around 6 to 7 million carats. Of this, 1.5 million carats are produced by India.
Indian cities such as Surat, Mumbai, and Jaipur are diamond manufacturing hubs. The country offers cost-effective production facilities as well as skilled diamond craftsmen. All this owing to hundreds of years of the vibrant diamond industry in the country.
Diamond manufacturing companies are investing in new technologies to amp up production. Apart from manufacturing, India is able to provide the best lab grown diamonds due to the availability of skilled craftsmen for cutting and polishing.
There’s a steady rise in the demand for lab grown diamond jewelry among the millennials and Gen Z. Young generations are more mindful about their consumption, may it be food, clothes or diamonds. They seek sustainable options.
This has led them to explore diamonds grown in laboratories, not just for regular jewelry, but also for engagement and wedding rings. Lab grown diamond rings are more affordable, sustainable, and environment-friendly.
India has the highest millennial population. This means there’s a huge potential for the lab grown diamond industry to tap this market.
Survey reveals 70% of millennials support lab diamonds and prefer to buy lab grown diamonds.
Lab grown diamonds are much cheaper than mined diamonds. Some factors that determine the price of lab diamonds are the cut, carat, color, and clarity. When seen with the naked eye, both lab grown and mined diamonds look similar. They are both created through the same process, and have the same physical and chemical properties. But lab grown diamond prices are anywhere between 40% to 70% cheaper than mined diamonds.
In India, diamond manufacturers, wholesalers and retailers have adopted digitalization quickly and moved from an only brick and mortar business model to digital, eCommerce online lab diamond sites. Here, customers can browse through different types of lab diamonds and lab grown diamond jewelry from the comfort of their couch.
Not just that, advanced technology and software have made it possible for customers to assess the quality of diamonds as it would be under different types of light. Customers can see the optical performance of lab diamonds and every detail from different angles online. This helps customers make informed and thought-through purchase decisions.
With many factors favoring the growth of the lab grown industry in India – lab grown diamond manufacturers in India making ambitious moves, young consumers supporting lab diamonds, robust infrastructure and the availability of skilled craftsmen – India is set to be one of the biggest hubs for lab grown diamonds in no time at all.
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