India's Lab-Grown Diamond Industry Experiences Rapid Growth

Rising Demand Drives Expansion

India's lab-grown diamond industry is witnessing significant growth, expanding at a rate of nearly 15% annually. This growth is part of India's broader strategy to establish itself as a leading integrated diamond center globally. The industry's expansion is primarily driven by the lower price point of lab-grown diamonds compared to their mined counterparts, making them an attractive option for consumers seeking affordable luxury.

Market Dynamics and Consumer Preferences

The demand for lab-grown diamonds is on the rise, with manufacturers like Shaurya Taneja's jewelry business reporting considerable interest in these products. The appeal lies in their affordability and the ethical considerations associated with lab-grown diamonds. As consumers become more conscious of the environmental and social impact of their purchases, the market for lab-grown diamonds is expected to continue its upward trajectory.

India's Position in the Global Market

India is leveraging its existing diamond processing infrastructure to become a key player in the lab-grown diamond market. The country's expertise in cutting and polishing diamonds, traditionally used for mined diamonds, is being adapted for lab-grown stones. This strategic move is helping India to capture a larger share of the global diamond market, positioning it as a significant hub for both natural and lab-grown diamonds.