SourcingOct 19, 2022
Diamond Manufacturing: India’s Technology Journey Lab-GrownOct 19, 2022
In India’s Lab-Grown Diamond Industry, Change Is the Only Constant
Consumer acceptance in major global markets, changing mindsets and a supportive government have sent Indian exports in the sector soaring.
Greenlab’s state-of-the-art CVD diamond growing facility runs on solar power. One of India’s leading lab-grown diamond companies, Greenlab is headed by millennials (brothers Smit and Sanket Patel) who want to create more long-term value in the sector.
Mumbai— According to the Gem & Jewellery Export Promotion Council, provisional gross exports of polished lab-grown diamonds soared 61 percent year-over-year between April and September of this year, nearing $1 billion.
Exports totaled $943.6 million, compared with $587.8 million for the same period last year, GJEPC said.
During this period, Indian exhibitors at trade shows all over the world—from Las Vegas to Vicenza, to London, Sydney and Singapore—have witnessed more customers buying lab-grown diamonds and jewelry.
The second edition of what is billed as the world’s first business-to-business trade show dedicated entirely to the industry, the Lab-Grown Diamond Jewellery Show 2022, was held in Mumbai at the Jio World Centre in early August.
Spread across more than 53,000 square feet, LDJS 2022 attracted 25,000 visitors, with international buyers mostly hailing from Singapore, Hong Kong, and the Middle East.
It had more than 100 exhibitors showcasing their varied ranges of diamonds, jewelry and machines.
A shot from the show floor of the Lab-Grown Diamond Jewellery Show 2022, organized by India’s Lab Grown Diamond and Jewellery Promotion Council and held in August in Mumbai
Earlier in the year, lab-grown diamonds came to the rescue of diamond manufacturers in Surat after the United States imposed a complete ban on the import of non-industrial diamonds from Russia in response to the country’s ongoing invasion of Ukraine.
It is estimated by Rough & Polished that India’s natural diamond cutting and polishing factories converted 20 percent of their production to lab grown due to the shortage of natural rough diamonds from Alrosa.
The growth in business has led to rampant discounting, according to Altr India CEO Ritesh Shah.
“During the last two months, lab-grown diamonds have been trading at a discount of 97 off RapNet prices as compared with 95 earlier,” he said. “Dealers are unwilling to hold stocks, as they are afraid of prices going down still farther.”
If this scenario persists, the midstream players will be wiped out.
Fortunately, there is a perceptible change among large integrated players—companies like Altr, Greenlab, Sonani Jewels, Bhanderi, and Craft Diamonds—to take a long-term, value-based approach.
From manufacturing to retail, millennials are driving the growth of lab-grown diamond business in India. This well-educated, well-traveled, hard-working, progressive, and proactive bunch have a better understanding of the millennial consumer mindset.
Indian millennials in the lab-grown diamond industry are adopting a holistic business approach to create long-term value in the sector.
This author recently anchored a panel discussion titled “Lab-Grown Diamonds: The Next Game-Changers," comprised of six millennial women.
In family-managed companies like Greenlab and Sonani, Gen Y brothers are running the show.
They have adopted an integrated, holistic “seed to shelf,” or “lab to Market” (L2M) approach.
Smit and Sanket Patel are working passionately to fulfill their ambition of making Greenlab the largest global integrated player in the lab-grown diamond sector.
With 1,000 chemical-vapor deposition (CVD) reactors, Greenlab has emerged as one of the largest growers in India. The company has invested in diamond growing, cutting, and polishing as well as jewelry manufacturing.
Smit along with his father, Mukesh Patel, have close ties to the industry. Smit is one of the youngest conveners associated with the GJEPC for aforementioned panel discussion on lab-grown diamonds.
At Sonani, elder brother Jayam Sonani looks after diamond cultivation, cutting and polishing.
Agastya Sonani, meanwhile, is responsible for sales and marketing of seeds, polished diamonds, and jewelry. (The company develops diamond seeds in desired specifications for other growers.)
Sonani has built a global reputation as a reliable supplier of fancy color lab-grown diamonds, delivering intricate, flawless and sustainable lab-grown diamonds.
Both companies have plans to enter into retail partnerships for the last mile of the journey in the value chain.
The total estimated installed base of diamond-growing reactors in India is now 4,500 reactors (up from 3,000 six months ago) as most growers are on an expansion drive. Bhanderi, for example, intends to take their installed base to 5,000 from 1,200 at present, CEO Snehal Patel Dungrani confirmed.
In the initial stages, reactors were imported from Japan, Taiwan, Germany and Russia. With the research and development efforts of companies such as Sonani, reactors are now being assembled and fabricated in India, in addition to some still being imported.
Devngi Gems has launched CVD diamond systems developed in collaboration with Fricke und Mallah Microwave Technology GmbH.
At the LDJS 2022, at least three Indian manufacturers were promoting made-in-India machines. Devngi Gems, for example, was marketing the very same machines it uses to grow its diamonds.
According to Amit Patel, owner of Supreme Green Diamonds, there has been a marked improvement in the quality and size of lab-grown diamonds.
“We have been able to grow diamonds up to 20 carats with a better color output,” he said.
The Indian government is working on a policy to promote the in-country manufacturing of CVD and high-pressure, high-temperature (HPHT) machines.
Editors' Picks
Sponsored by
And the Surat Diamond Association and GJEPC have invited technocrats from Larsen & Toubro, the Tata Group and National Thermal Power Corp. to assess the feasibility of making HPHT machines in India.
In the meantime, Kautil Patel, owner of Surat-based Riddhi Corp., has taken an early lead in this regard.
“We have been importing HPHT diamond rough from Russia and China since 2014. We cut, polish and export these diamonds to 29 countries,” he said.
“In 2019, we imported components of HPHT machines from China, Korea and Russia and assembled them to fabricate the machines ourselves. Four machines are in operation and the result of trial production is encouraging. We have a plan of installing 100 HPHT machines.”
If India manufactures HPHT machines that create lab-grown diamonds, the entire cycle—from seeding and growing to cutting, polishing, and setting the stones in jewelry as well as R&D and sales—would make this sunrise industry 100 percent self-reliant in India.
This story is one of three included in the special India Diamond Report newsletter. The stories are produced by an independent editor based in India.
This story is one of three included in the special India Diamond Report newsletter. The stories are produced by an independent editor based in India.
More on Lab-Grown
The Latest
SourcingFeb 04, 2025
New Deal With Botswana Is Done, De Beers Confirms The agreement will allocate an increasing proportion of the country’s rough diamonds to the government of Botswana over the next decade.
Events & AwardsFeb 04, 2025
Van Cleef & Arpels’ Astronomy-Inspired Jewelry to Land at AMNH“Cosmic Splendor: Jewelry From the Collections of Van Cleef & Arpels,” opens April 11 at the American Museum of Natural History.
SurveysFeb 04, 2025
Valentine’s Day Jewelry Spending Forecast to Hit Record High, Says NRFThose celebrating Valentine’s Day this year are expected to spend a record $27.5 billion on jewels, flowers, candy, and more.
Brought to you by
3 Ways to Capitalize on America’s Newfound Love of Colored GemsColored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?
EditorsFeb 03, 2025
Best Jewelry Moments From the 2025 Grammy Awards From Lady Gaga’s 1930s Tiffany & Co. necklace to Taylor Swift’s “T,” Michelle Graff recaps the night’s most memorable jewelry looks.
Weekly QuizJan 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsFeb 03, 2025
Qurate to Close HSN’s Florida HQ Amid RestructuringLayoffs will reportedly start next month as HSN plans to move into QVC’s location in Pennsylvania.
EditorsFeb 03, 2025
Q&A: 5 Jewelry Designers on Shopping the 2025 Tucson Gem ShowsA group of creatives talked to Associate Editor Lauren McLemore about their approach to the annual Tucson gem, mineral, and fossil shows.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
AuctionsJan 31, 2025
Elizabeth Taylor’s Diamond Bracelet Outshines Estimate at U.K. AuctionThe auction also featured the sale of a Cartier necklace made when Egyptomania was sweeping Great Britain.
CollectionsJan 31, 2025
Piece of the Week: Lalaounis’ Good Luck Charm for 2025The “Blossom Rosette” blooms with love, beauty, and hope for the year ahead.
IndependentsJan 31, 2025
Harvey Rovinsky, Longtime Owner of Bernie Robbins Jewelers, Dies at 77Rovinsky is remembered as a great mentor who made the employees of his stores feel like family.
Events & AwardsJan 31, 2025
Facets of Fire Has a Diamond Challenge for RetailersFor every jeweler who tries their luck, the company will make a donation to Jewelers for Children.
MajorsJan 30, 2025
WJA Chapter Leaders Resign as Fallout From DEI Remarks SnowballsThe boards of at least five chapters have resigned in response to controversial statements the WJA national board president made last month.
Policies & IssuesJan 30, 2025
RJC Executive Director Melanie Grant Is Stepping Down An experienced jewelry writer and curator, Grant led the organization for two years.
CollectionsJan 30, 2025
Pharrell Williams Brings Tahitian Pearls to His New Tiffany & Co. CollectionFive new designs were added, all donning Tahitian cultured pearls and spear-like trident motifs, along with the new “Titan” setting.
Events & AwardsJan 30, 2025
Registration Open for Converge 2025The inaugural event is being co-hosted by the American Gem Society and the Gemological Institute of America.
MajorsJan 30, 2025
24 Karat Club of New York Elects 5 New MembersJewelers of America’s Annie Doresca and AGTA CEO John W. Ford Sr. are among the new members.
CollectionsJan 29, 2025
Boucheron’s High Jewelry Takes the Form of ‘Untamed Nature’The jeweler’s latest high jewelry collection looks into the Boucheron archives to create a “living encyclopedia of high jewelry.”
FinancialsJan 29, 2025
LVMH Watch, Jewelry Sales End the Year DownWatch and jewelry sales slipped 3 percent in 2024, though the luxury conglomerate did see business pick up in the fourth quarter.
MajorsJan 29, 2025
Chanel Names New General Manager of Watches, Fine Jewelry for USOlivier Kessler-Gay will take over the role on March 3.
SurveysJan 29, 2025
Consumer Confidence Slips for Second Consecutive Month It hit a four-month low in January due to concerns about the job market, though consumers remain bullish about the stock market.
Events & AwardsJan 29, 2025
Chris Ploof To Teach Mokume Gane at AJSThe jewelry designer and master metalsmith will present on the ancient Japanese metalworking technique at the Atlanta Jewelry Show in March.
SourcingJan 28, 2025
WFDB Joins Efforts to Promote Natural Diamonds With New CampaignThe “Moments” social media campaign emphasizes the emotional ties between natural diamonds and life’s special milestones.
CollectionsJan 28, 2025
Bliss Lau Celebrates the Intricate Mosaic of Identity in New CollectionThe versatile “As We Are” collection features 14 pieces with interlocking designs allowing for 27 different looks worn around the body.
SourcingJan 28, 2025
Botswana’s First Olympic Gold Medalist Is Now a De Beers Ambassador Letsile Tebogo will help to promote natural diamonds and the good they have done for his country.
Events & AwardsJan 28, 2025
NouvelleBox Show Returns to New York CityThe showcase, in its second year, will feature more than 20 international brands at its curated event from Feb. 2-4.
Recorded WebinarsJan 28, 2025
Watch: Fine Jewelry Market Predictions for 2025 “My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
