SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
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
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
