Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
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
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
MajorsDec 12, 2024
Mark Henry Appoints New Director of SalesCarrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
