Policies & IssuesApr 11, 2024
SRK Exports’ Journey Toward Net Zero Impact Lab-GrownApr 08, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Kira Diam, which bills itself as the largest grower of CVD lab-grown diamonds in the world, installed a 25 megawatt solar plant to power its growing operations. It is one of a number of Indian companies investing in the lab-grown diamond segment despite the stones’ declining price.
Mumbai—India, which has for long worn the mantle of the world’s largest manufacturer of polished natural diamonds, is well on its way to becoming the largest grower and manufacturer of lab-grown diamonds.
The country’s growing capacity has increased in leaps and bounds, perhaps 10 times in about five to seven years, and polished exports have soared.
Growth continued over the past year despite the major decline in lab-grown diamond prices, which fell as much as 70-90 percent in many categories, according to industry analysts.
Smit Patel, a director of Greenlab Diamonds and organizer of the Gem & Jewellery Export Promotion Council’s Lab-Grown Diamond Subcommittee, said, “The lab-grown diamond industry in India is clearly a rapidly expanding segment from whichever angle you look at it.
“There is all-around positivity reflected in the significant rise in the number of lab-grown diamond growers and reactors, as well as in number of people employed by the cutting and polishing segment too.”
Export data compiled by GJEPC underscores this.
In 2023, exports of polished lab-grown diamonds increased by more than 50 percent in volume terms to 6.45 million carats (2022: 4.28 million carats), even as they dropped by almost 20 percent in value terms to $1.38 million (2022: $1.72 million).
Imports of lab-grown rough followed a similar pattern.
In 2023, imports of lab-grown diamond rough rose by 31 percent in volume terms to 31.7 million carats (2022: 17.7 million carats), while in value terms they fell by 24 percent to $1.12 billion (2022: $1.47 billion).
It is widely acknowledged that most new entrants to the market had anticipated the price fall and factored it into their plans.
“The price changes have brought the high-profit phase based on ‘low-hanging fruit’ to an end,” Patel said.
“Yet, growth has continued as improvements in technology coupled with manufacturing at scale means that well-managed operations deliver satisfactory margins even at the lower price levels that now prevail.”
Vijay Desai, a committee member of Surat’s Lab-Grown Diamond Association, said, “Lab-grown diamond manufacturing in India is primarily focused on gem-quality goods for jewelry, and this market has shown significant growth and enormous potential. The city has seen major investments over the last two to three years and there are at least 8,000 machines in operation today.”
Manish Jiwani of Ecolight Diamonds, which set up a production unit in Mumbai a little over a year ago, pointed out that apart from Surat, there are also lab-grown diamond growers in Mumbai and Jaipur.
Those associated with the industry believe that India currently has anywhere between 8,000 to 10,000 reactors, predominantly producing diamonds using the chemical vapor deposition, or CVD, process.
This is double the 4,000 to 5,000 machines observers estimated were in operation about two to three years ago.
This rising rough production (and increasing imports) is being easily absorbed by cutting and polishing units due to a decline in the output of polished natural diamonds.
It is widely estimated that almost 90 percent of companies that earlier cut only natural diamonds have now entered the lab-grown diamond space.
Larger players have bifurcated their units and shifted some part of capacity to polishing lab-grown diamonds while many smaller companies have moved their entire operation to lab grown.
Nirav Jogani of Surat-based Lemon Consultech, a leading consultancy to the industry, said the lab-grown diamond industry has grown into a fairly distinct vertical.
“It is no longer a small, dispersed industry. Consolidation has taken place and there are perhaps 10 or so major player groups, with many of the smaller investors aligned with one or the other,” he said.
The decline in retail prices has not affected sentiment in India, Jogani pointed out.
“Capacity is increasing. CapEx plans are usually drawn up with a horizon of two to three years, so investors do not react to short-term price changes.
“Alterations do take place, so expansion that was planned for, say, a 12-month period may now be spread over a longer time span. Moreover, though the phase of runaway profits is over, current price levels still deliver reasonable margins. This and the enormous latent potential means that the industry remains bullish.”
Kira Diam, which describes itself as the world’s largest grower of CVD lab-grown diamonds, has more than 2,000 reactors at its 700,000-square-foot facility in Surat, set up within the last year.
Mehul Vaghani of New York based Kira Jewels Inc. said, “We maintain an inventory of over 20,000 certified stones which are available for overnight delivery to the U.S. and a total selection of over 75,000 stones from 0.18 carats to 15 carats, round to all fancy shapes in colorless to fancy color range.”
The company will be launching its new jewelry line at the Las Vegas show this year.
Greenlab, an early entrant to the lab-grown diamond segment and another of the larger players, said that it has had “impressive top-line figures” this year as demand is growing significantly.
“The U.S. remains the largest market by far, but there are exciting developments in India, where we receive inquiries from new retailers almost every day, the Middle East and Far East,” Patel said.
Greenlab, which already has a U.S. presence, has recently opened offices in Dubai and Hong Kong.
Many believe the current figures reflect only a small portion of the market’s huge potential.
In addition to the impact of inevitable improvements in technology, there are embryonic signs of maturity with some development of specialized niches.
Patel said in Surat, there are units doing only smaller sizes and others that mainly do large, while a few are focused on special colors and cuts.
All this remains mostly within the lab-grown diamond jewelry space.
The next frontier could be the fashion accessories segment, Patel contends, “which the industry is just beginning to understand. Its requirements are totally different—large quantities of unique sizes, cuts, colors—and more than a few players are already involved in R&D geared towards this sector.”
Jogani, who stressed that natural diamonds fit better into the luxury segment while lab-grown diamonds are more suited for the fashion jewelry space, pointed out that the industry has to undergo a major mindset change.
“Lab-grown diamond manufacturers must not ‘mimic’ the natural diamond industry or focus on competing with it. It must become an independent pipeline and embrace innovation,” he said.
Both Patel and Jogani also believe that industrial applications in electronics, mining, or high-end industries like space exploration are other areas with potential to drive growth in the future.
More on Lab-Grown
The Latest
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
Weekly QuizDec 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
CrimeDec 15, 2025
Men Receive Life Sentences in Home Invasion Murder of Jeweler Carlos Jose Hernandez and Joshua Zuazo were sentenced to life without the possibility of parole in the 2024 murder of Hussein “Sam” Murray.
Policies & IssuesDec 15, 2025
Sara Yood Named Co-Chair of RJC Standards CommitteeYood will serve alongside Eduard Stefanescu, the sustainability manager for C.Hafner, a precious metals refiner in Germany.
IndependentsDec 15, 2025
M.S. Rau to Open Store in AspenThe New Orleans jeweler is also hosting pop-up jewelry boutiques in New York City and Dallas.
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
MajorsDec 12, 2025
David Webb Reveals Ice-Cold Holiday Window DisplayThe jeweler’s “Deep Freeze” display showcases its iconic jewelry designs frozen in a vintage icebox.
