Lab-Grown

In India’s Lab-Grown Diamond Industry, Change Is the Only Constant

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.

20221019_Greenlab.jpg
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. 
 
20221019_LDJS.jpg
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.
 
20221019_Millenials.jpg
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.

 Related stories will be right here … 
 
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.
 
20221019_Devngi.jpg
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. 
 
 
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. 

Anil PrabhakarAnil Prabhakar is an industry analyst, journalist and consultant associated with the Jewelry and watch industries.

The Latest

Rough montana sapphire
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, Montana

Associate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.

Arunashi Fordite and Rhodolite Earrings
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite Earrings

Fordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.

Susan Jacques and Al Gilbertson
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley Award

Gilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

Supreme Court stock image
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November

A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.

Weekly QuizSep 12, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Tabayer’s Nordstrom Shop-in-Shop
MajorsSep 11, 2025
Tabayer Opens Nordstrom Shop-In-Shop

Located in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.

De Beers education app on mobile phone
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for That

The new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Gold jewelry on a scale
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to Account

As the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.

Jacob and Co Loewe headphones
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. Headphones

Jacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.

Tiffany & Co Favrile Beetle Necklace in Frankenstein
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’

Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.

24 Karat Club banquet
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf Astoria

The Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.

Anglo American’s Quellaveco copper mine in Peru
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner

Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.

The Mellon Blue diamond
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s

The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.

Dianne Batista Phillips Auctions
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New York

The industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.

Anastacia Lauren, Elle Jerge, Logan Nye
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship Winners

The nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.

Korman jewelry store Austin
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in Austin

The Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.

Logos for Manufacturing Jewelers & Suppliers of America and Jewelers of America
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s Umbrella

The two organizations have finalized and signed the affiliation agreement announced in May.

Sothebys JAR and Suzanne Belperron jewels
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron Jewels

The single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.

A street in Carlsbad California
Events & AwardsSep 08, 2025
27 Can’t-Miss Converge Sessions, Events

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

National Jeweler columnist Peter Smith
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman

Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.

Jamie Turner Victoria Labradorite Necklace
CollectionsSep 05, 2025
Piece of the Week: Jamie Turner’s ‘Victoria’ Necklace

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Stock image of the U.S. Supreme Court
Policies & IssuesSep 05, 2025
Trump Takes Tariffs Case to the Supreme Court

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

Patrick Mahomes Hublot campaign
WatchesSep 05, 2025
Patrick Mahomes Is the New Hublot Brand Ambassador

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.

gia-edu main image.png
Supplier BulletinSep 04, 2025
A Brilliant Future Is Here

Sponsored by GIA

Lucara pink diamond
SourcingSep 04, 2025
Lucara Unveils Unusual 37-Carat Pink Diamond

The Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.

Shot from Breitling new NFL campaign
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

×

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