Lab-Grown

India: An Emerging Source for Lab-Grown Diamonds, Jewelry

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.

202220309_CVD growing process.png
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.

20220309_Digital Library.jpg
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.

20220309_Divaa LGD store.jpg
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.

The Latest

Gold bracelets and bangles
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers List

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

Buccellati Opera high jewelry bracelet
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1

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

Rolex Datejust ref. 16233
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches

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

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

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

Jean Dinh Van Orgue Ring
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With Exhibition

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

Weekly QuizJul 10, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Jake Duneier and Danielle Duneier
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth Generation

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

Boucheron Impermanence Boucheron Dragonfly Earrings and Wisteria Hair Piece
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s Impermanence

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

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

James Avery Cedar Park
MajorsJul 15, 2025
James Avery Expands to 2 More States

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

Eric Ford, Couture’s new brand director and former fine jewelry buyer at Neiman Marcus
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director

Eric Ford will step into the role, bringing with him decades of experience.

Bench jeweler holding a ring and a tool
IndependentsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic Manufacturing

In addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.

Guzema Celestial Blue
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone Jewelry

The “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.

Nanis Mykonos Store Exterior and Interior
MajorsJul 14, 2025
Nanis Opens First Store

The seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.

Long’s Jewelers Summer of Love promo
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s Jewelers

The New England jeweler is hosting a bridal event for the month of August.

Ethical Gem Fair
SourcingJul 14, 2025
Ethical Gem Fair Heads to Seattle

The trade-only event will host its debut fair in the Emerald City later this month.

The Edge and The Edge Retail Academy Logos
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in September

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

Miseno Arco Earrings
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ Earrings

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

James Avery Texas charm
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief Efforts

The jewelry company is one of several contributing to relief efforts in the region after the recent floods.

Kelly Osbourne Engagement Ring
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as Honey

Inspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.

Penny Preville Anniversary Bangles and Penny Preville
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry Design

The brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.

Exterior shot of Alvin Goldfarb Jeweler in Bellevue, Washington
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb Jeweler

Goldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.

LVMH chairman and CEO of the Americas Michael Burke
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the Americas

Longtime LVMH executive Michael Burke has stepped into the role.

A calligraphy sculptural ring made in 18-karat Fairtrade gold (Photo by: Jamie Trounce)
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC

Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.

Vickie Rokkos
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales Director

Vickie Rokkos has joined the jewelry company as its new national sales director of North America.

Mikimoto The Bows high jewelry necklace
SurveysJul 09, 2025
Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says

Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.

1 NJ-Supplier-Bulletin-Snake-One.jpg
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show Tips

Sponsored by Rio Grande Jewelry Supply

Cece Jewellery For the Love of Fruits Pendants
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s Sweetness

The “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy