TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
Lab-GrownMar 16, 2022
India: An Emerging Source for Lab-Grown Diamonds, Jewelry
CVD diamond growers and jewelry manufacturers will help India consolidate its competitive advantages in diamonds and jewelry manufacturing.
Nine seeds in a CVD reactor may not grow uniformly. Product consistency is therfore of utmost importance in the growing of Lab Grown Diamonds. Image courtesy of ALTR
Mumbai—The demand for lab-grown diamonds and diamond jewelry continues to grow, with companies in India — long a cutting and polishing center for natural stones — poised to become key players in the market.
Estimates on what percentage of the diamond market lab-grown stones currently comprise vary. In a recent interview with National Jeweler, industry analyst Paul Zimnisky put global lab-grown diamond jewelry sales at $5.9 billion last year, making up 7-8 percent of the market.
He estimates global lab-grown diamond jewelry sales could top $8 billion in 2022, approaching 10 percent of the total diamond jewelry market, and near the $10 billion mark by 2023.
Diamonds below smaller than 2 carats are estimated to grow the fastest, with growth in the CVD segment outpacing HPHT.
The colored lab-grown diamond market, meanwhile, is predicted to grow at a CAGR of 10.2 percent.
According to the Gem & Jewellery Export Promotion Council, India exported $1.05 billion worth of polished lab-grown diamonds from April 2021 to January 2022, registering growth of nearly 113 percent.
India exports mainly CVD diamonds and diamond studded diamond-set jewelry using both HPHT and CVD diamonds. Most of the HPHT rough used for jewelry manufacturing is imported from China.
Growers are investing in, and mastering, the new CVD technology to ramp up the production.
Surat, the world leader in diamond cutting and polishing, has in recent times, witnessed a growing number of CVD diamond manufacturers in recent years.
Abhishek Saraiya, vice president of diamond company Meraya, diamonds estimates there are 2,500 active reactors in India, predominantly in Surat, and a few in Jaipur and Mumbai.
“The average monthly output of a typical reactor is 125 carats and costs $175,000. The most commonly used reactor is Japan’s Seki,” he said.
One of the leading manufacturers in Jaipur with an installed base of 80 reactors is Real Illusion LLP.
Director Anup Zaveri said the company has the capacity to grow certified diamonds from 0.5 to 5 carats.
Lumex DMCC has a diamond cutting, polishing and jewelry manufacturing unit in Surat.
Founder Vishal Mehta said, “We use both HPHT and CVD diamonds for jewelry manufacturing. Being technology agnostic, we started with the former as it was the easiest available material.
“The CVD business is becoming more transparent and with supplies improving, we now use both. Surat has 15 to 20 significant CVD growers with an installed base of 50 to 500 reactors.”
Anmol Bhansali, director of Goldiam International, shared his experience in the lab-grown diamond space.
“We started growing diamonds at SEEPZ, Mumbai in 2015 and realized that the growing process of diamonds is quite different from the labor-oriented jewelry manufacturing. The high-tech business requires high-caliber talent, patience and commitment. During the first two years getting the product of desired quality, size and color was a challenge. In 2017 we would be lucky to grow round stones of 1 carat.”
Bhansali continued: “With sustained efforts and persistent experimentation, we were able to get the formula right. We can now produce polished diamonds of 2 carats easily. It is not uncommon to get a smooth production run for two months, followed by an output of cracked and broken stones.
“Consistency is directly linked to profitability in this high fixed-cost business. We hope to increase our current production to 650 polished carats by April 2022.
We grow, cut, polish diamonds, design and manufacture jewelry in-house that is distributed through our U.S. office. Vertical integration adds 20 percent to our bottom line.”
During the last few years of rapid growth, a short-term trading approach is prevalent in the industry, said Amish Shah, president of Altr.
“I believe that owning the entire supply chain requires a long-term vision rather than just finance and talent. In the absence of vertically integrated players, the mid-stream segment in the lab-growth business will be under pressure as it did in the earth-mined category.
“The fragmented supply chain of growers, distributors and retailers operating independently is inefficient. We have positioned Altr as an integrated lab-grown diamond and fine jewelry brand. Retailers are our partners, and we support them with branding and point-of-sale display material.”
Mehta said Lumex’s skill sets are in cutting, polishing, manufacturing and wholesaling lab-grown diamond jewelry to select retailers in the U.S. as well as India. Indian retailer Orra is one of them.
Lumex.online portal’s SEARCH algorithm allows partners to search for the perfect diamond that meet their specific requirements.
“We focus on our strengths and aspire to be the best in our domain. Our partners can access our digital library Lumex.Online and access, with a single click, 3,000 options of white and colored lab-grown diamonds. A natural vivid blue or pink diamond could be priced at $1 million per carat while its lab-grown diamond counterpart is available at a fraction of its cost,” he said.
While Goldiam, Altr and Lumex are integrating their upstream and midstream operations, companies like Renaissance Global and Orra have adopted a D2C direct-to-consumer approach.
SEEPZ Mumbai-headquartered Renaissance has taken a digital-only route to launch its exclusive lab-grown diamond jewelry portal for the millennial consumer.
With three exclusive LGD stores in Mumbai, Pune and Bangalore up and running, Divaa enjoys a prime mover advantage in the Indian market.
Orra’s sub-brand, Divaa, is among the first companies in the world to launch a network of exclusive lab-grown diamond jewelry boutiques. Its online portal gives Divaa an omnichannel presence.
Experts expect that the current growth phase will be followed by price stabilization leading to consolidation, mergers and acquisitions in the industry.
Note: This story was completed for publication in the special India Diamond Report newsletter prior to Russia’s invasion of Ukraine and the U.S.’s subsequent ban on Russian diamonds on March 11.
Experts expect that the current growth phase will be followed by price stabilization leading to consolidation, mergers and acquisitions in the industry.
Note: This story was completed for publication in the special India Diamond Report newsletter prior to Russia’s invasion of Ukraine and the U.S.’s subsequent ban on Russian diamonds on March 11.
More on Lab-Grown
The Latest
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the HolidaysRetailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva AuctionThe nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.
Brought to you by
Are Earrings an Overlooked Category? What Retailers Need to Know NowAs the holiday season quickly approaches, consider stocking one category that sometimes gets overlooked: earrings.
SourcingOct 22, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New PerchChief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume ChallengeFive dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New OwnerRecently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive FlagshipHollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink DiamondMaking its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby MineThey were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.
SourcingOct 20, 2025
Pristine Gems Names New Director of European SalesGemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYCThe new showcase dedicated to Italian jewelry design is set for Oct. 29-30.
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ EarringsTake a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry ServiceThe new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.
MajorsOct 16, 2025
Oscar Heyman’s Holiday Catalog Is Out, and It’s SpectacularThe holiday catalog for 2025 features never-before-seen images of more than 100 one-of-a-kind masterpieces.
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ CollectionThe brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy CoreyCorey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado JewelerCharles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next YearTimepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department LeadershipThe auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.
