Lab-Grown

India’s Lab-Grown Diamond Industry Is Growing Up

Lab-GrownMar 15, 2023

India’s Lab-Grown Diamond Industry Is Growing Up

The mood is bullish as more companies get into the business despite the dramatic drop in lab-grown diamond prices.

20230315_LGD solar farm drone shot.jpg
An overhead shot of a solar farm for Greenlab, a lab-grown diamond manufacturer with more than 1,000 reactors spread out among four factories in Surat. Greenlab’s Smit Patel said India’s lab-grown diamond industry has seen “explosive and exponential growth.”
Mumbai—There is a growing buzz among gem and jewelry exporters in India these days as lab-grown diamonds have rapidly become a larger part of the industry.
 
In a period of five years, India’s exports of polished lab-grown diamonds have soared, from $197.9 million in 2017 to $1.72 billion in 2022, Gem and Jewellery Export Promotion Council figures show. 

It is an incredible leap, by any measure.
 
Multiple factors have fueled this growth, but the industry believes this is just the beginning.
 
At the just-concluded Hong Kong jewelry show, GJEPC Chairman Vipul Shah said the figure could reach $8 billion within the next three to four years.
 
The mood is bullish, further buoyed by two recent policy announcements made during the Government of India’s budget for 2023-24. 
 
To boost what was described as “a technology and innovation-driven emerging sector with high employment potential” in the short run, customs duty on import of lab-grown diamond seeds used in manufacturing was reduced from 5 percent to zero. 
 
Further, with a view to “encourage indigenous production of lab-grown diamond seeds and machines, and to reduce import dependency,” a research and development grant of $30 million was announced, subsequently allotted to one of India’s premier technology institutes, IIT-Madras.
 
Anup Zaveri, director of Real Illusion, one of India’s leading exporters of lab-grown diamonds, believes the announcement has boosted the industry’s credibility and visibility. 
 
“Indian-manufactured lab-grown diamonds have already developed a significant presence in the U.S. market,” he said, adding that this reflects the maturity of older players, now experienced and highly skilled.
 
His own company, which began in 2019 with 24 reactors now has more than 80 at its diamond-growing unit in Jaipur. 
 
“The stones are cut and polished in Surat, and we have an established network of buyers among U.S. retailers,” he said. 
 
Smit Patel of Greenlab, another large manufacturer with more than 1,000 reactors spread over four factories in Surat, said the lab-grown diamond segment of the industry already has seen “explosive and exponential growth.” 
 
As convener of GJEPC’s Lab-Grown Diamond Committee, Patel said India’s capacity has doubled in recent years.
 

How Big Is This Segment Today? 

Estimates by industry players, analysts and trade bodies place the total number of reactors at between 4,000 to 6,000, producing upward of approximately 1.5 million carats of rough annually. 
 
These numbers are likely to continue to rise, as many companies invest in expansion, and existing units for polishing mined diamonds shift some of their capacity to polishing lab-grown diamonds.
 
Currently, the lab-grown diamond industry employs between 250,000 and 400,000 workers, and these numbers are clearly heading north.
 

Is This Growth Causing Oversupply and Price Correction? 

In India, at least, no alarm bells are ringing over the dramatic drop in retail prices of lab-grown diamonds and jewelry. Most view this as expected due to the changing nature of the market.
 
Patel, of Greenlab, reflects the industry mood while stating that market dynamics will always result in some price swings, but the situation is “now stabilizing as more and more buyers are seeing the benefits of working with a consistent supplier.” 
 
India, though a late entrant, has now developed capacities across all sizes, shapes, and colors. 
 
Real Illusion, for example, deals in lab-grown diamonds between 1 and 10 carats in size, focusing on colorless rounds. 
 
Zaveri said the company is also supplying lab-grown diamonds for bridal jewelry and opines there is a growing acceptance of the use of lab-grown diamonds for engagement rings and other wedding jewelry. 

Greenlab has an even wider range of sizes, ranging from 2-20 carats. Last year, it manufactured a polished diamond of 27-plus carats, reportedly the largest lab-grown diamond made in India. 
 
Both companies believe their earlier investments in technology and research and development are now paying dividends.
 
Their experiences are in sync with what India’s government is pushing for—investment in developing technology and expertise today that will yield dividends tomorrow. 
 
The government’s Ministry of Commerce, which consulted with a joint committee of government, the GJEPC and industry representatives in allotting the grant to IIT-Madras, said research efforts would “make the technology available for start-ups at an affordable cost, increase employment opportunities, increase exports of lab-grown diamonds and thus play a significant role in fueling India’s economic growth.” 
 

What Does the Future Hold?

It is almost certain there will be a rapid boom in production of lab-grown diamonds initially fueled by cheaper imports of seeds and, subsequently, by the entry of new manufacturers as technology becomes more accessible.
 
But there is another trend that is already surfacing—the move to manufacture lab-grown diamond-set jewelry for the export market. Many larger manufacturers already have launched forays in that direction, while new entrants abound.
 
An example is Dazzling Jewels, a part of the over-a-century old KGK Group, which already has a strong global presence across most segments of the gem and jewelry value chain. 
 
Amar Singhvi, who heads the initiative, said, “We have newly entered this segment, less than a year ago, but the response has been very positive. 
 
“We plan to focus on fashion jewelry for the U.S. and Middle East, with prices in the range of $200-300 per carat.”
 Related stories will be right here … 

The Latest

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Bulgari Celestial Mosaic spinel necklace
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Mark and Candy Udell
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

Weekly QuizJul 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
De Beers marine mining vessel the SS Nujoma
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

Francesca Villa Fantasia Collection The Crab Pendant, The Mermaid Pendant, Keep Dancing Seahorse Pendant, Keep Dancing Ladybug Pendant, Secret Dreams Pendant, The Puffer Fish Takes Flight Pendant
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio Characters

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

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.

Breitling’s special Eagles Super Bowl watch on gold bracelet
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

Stock image of crime scene tape
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

Silvia Furmanovich Kasmir Collection Carnelian Bracelet and Sketch
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern India

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Bench jeweler holding a bracelet and a tool
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHo

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

LAFD Fire Station 44 and Fire Station 16
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

A Vanitas by Hannah Martin and Guy Berryman Sothebys
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s London

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

Cover of the book “Flawless: Inside the Largest Diamond Heist in History”
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix

“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.

Emmanuel Raheb
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the Holidays

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

NY Now
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in August

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

Jeweler setting a diamond into a ring
MajorsJul 21, 2025
Rio Grande Expands Personalization Offerings

As demand for custom jewelry grows, the company is expanding its services to support retailers.

National Associate of Jewelry Appraisers Logo
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go Virtual

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Jacquie Aiche graduated turquoise beaded necklace
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

24th Gem Awards Show Logo
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Lewis Heyman
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement Plans

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

The organization elected its youngest vice president as it looks to draw in fresh talent.

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

×

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