The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
Beyond Jewelry: Possibilities in the Lab-Grown Diamond Sector
As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.

Attention once centered on the speed at which producing and manufacturing activity has expanded in Surat, as well as the scale that was achieved in a short time.
Now, the canvas has broadened.
Conversations within the industry cover terminology, regulatory frameworks, and the new, and sometimes mind-boggling, possibilities for lab-grown diamonds outside of jewelry.
The emergence of lab-grown diamond brands in the retail segment has created an additional axis for growth. Most are young startups pushing the boundaries of a traditional industry.
Entering the Mainstream
All these developments have enabled the lab-grown diamond industry to move from its earlier existence on the margins and establish a firm presence centerstage.
A number of measures are being put in place to ensure the sector continues to grow smoothly.
Jewelry is still the prime focus for lab-grown diamonds, with an estimated 8,000 to 10,000 reactors producing diamonds via the chemical vapor deposition (CVD) process in Surat and a few other centers.
Experts, however, believe that jewelry only represents a small part of the true potential market for lab-grown diamonds.
In 2023, the Indian government sanctioned a research grant of Rs 2.43 billion (about $28 million) to the Indian Institute of Technology Madras (IIT-M), a leading education and research institution.
IIT-M set up the India Centre for Lab-Grown Diamond (InCent-LGD), a dedicated research and development hub for the sector.
At a recent InCent-LGD seminar, aimed at kick-starting greater collaboration between industry and academia to further develop the sector, a number of diverse industrial applications where LGDs can be used were identified.
These sectors include electronics, aerospace, defense, water treatment, and advanced manufacturing.
Due to their hardness, thermal conductivity, and chemical stability, lab-grown diamonds could also be used in quantum computing and precision sensors.
Professor M.S. Ramachandra Rao, head of InCent-LGD, indicated that the project is on track to “revolutionize the lab-grown diamond industry with the development of indigenous MP (microwave plasma) CVD and HPHT (high pressure, high temperature) machines within next the two years.”
Sabyasachi Ray, executive director of the Gem & Jewellery Export Promotion Council (GJEPC), said, “India is positioned to become the largest producer of rough lab-grown diamonds and the hub for cutting, polishing, and global trade.”
Promoting Transparency, Building Confidence
For now, though, jewelry remains the focus.
There is an increasing consensus across the industry that the natural and lab-grown diamond streams are separate and can grow in parallel.
On the export front, differentiation has been ensured after distinct HS codes were created some years ago.
Within the trade, the proliferation of affordable detection devices has helped to alleviate concerns about mixing.
Now, the industry believes that transparency and consumer awareness are the needs of the hour.
GJEPC recently asked its members to adopt the definition, nomenclature, and guidelines for marketing and advertising diamonds specified by the U.S. Federal Trade Commission (FTC).
It said this would ensure “clarity and transparency for both industry stakeholders and consumers” and that “consumers would be empowered to make informed decisions without confusion.”
Globally, lab-grown diamonds are recognized as “laboratory-created” or “laboratory-grown,” not “synthetic diamonds,” GJEPC said, and it encouraged the Indian trade to embrace this terminology.
Following stakeholder consultation, India’s Central Consumer Protection Authority, a government body akin to the FTC, has formed a working group in consultation with GJEPC to review terminology and frame an appropriate Indian standard that protects both segments.
Industry participants expect this to be similar to quality standards defined for various categories of commercially available products.
The Bureau of Indian Standards, a government body, is expected to finalize a proposed lab-grown diamond standard in the near future.
Guidelines for Self-Regulation
Meanwhile, a few weeks ago, India’s Minister of Industry and Supply Piyush Goyal told parliament that the jewelry industry has flourished with its self-regulatory model and there was no plan to enforce new regulations.
Bharat Diamond Bourse (BDB) Vice Chairman Mehul Shah agreed, stating that, “Some years ago, when a few cases of deliberate mixing of natural and lab-grown diamonds came to light, BDB banned trading of lab-grown diamonds within its premises.”
This changed once detection technology became easily accessible.
“Now both streams co-exist within BDB,” he said.
The bourse only advises members to maintain clearly demarcated working spaces for each product so no mixing occurs, either by accident or inadvertent human error.
Shah also heads the Gemmological Institute of India (GII), a lab supported by industry bodies.
GII has developed advanced and affordable diamond detection machines that can distinguish between lab-grown and natural diamonds, both in loose parcels or in jewelry.
“In large metropolitan cities, the trade and consumers are more aware. Many retailers utilize detection technology. But in smaller centers, the picture is different,” he said.
GII plans to disseminate this technology more widely across India.
“We will be collaborating with local trade associations to ensure that every retailer dealing in diamonds and diamond jewelry has easy access to such devices,” Shah said.
The Emerging Retail Landscape
Across India’s retail landscape, startups like Limelight Lab Grown Diamonds, Giva Jewellery, Fiona Diamonds, True Diamond, Solitario, and Aukera Jewellery are working to carve a niche for themselves as lab-grown diamond brands.
Limelight, established in 2019, already has partnerships with a large CVD manufacturer, Bhatwari Diamonds, and a large jewelry manufacturer, Emerald Group, which holds an equity stake in the company.
The brand has 30-plus exclusive retail outlets and operates another 30-plus shop-in-shops in traditional jewelry stores spanning more than 35 cities.
Pooja Madhavan, the entrepreneur behind Limelight, said, “We are a vertically integrated and premium sustainable fine jewelry brand with a focus on solitaire jewelry. One of our best-selling categories is engagement rings, a niche that was not popular in India earlier.”
Limelight recently raised $11 million in a fresh round of funding that it plans to spend on opening more stores and shop-in-shops and strengthening its design offerings.
It aims to have more than 100 retail outlets by 2026.
“Our jewelry is already accessible across the globe through our website,” said Madhavan, noting that Limelight could enter overseas markets by 2027.
Other retailers that have recently begun selling lab-grown diamond jewelry include Trent Retail, which is part of the Tata Group and has focused on fashion and apparel brands until now, and Senco Gold & Diamonds, a traditional jeweler from eastern India that has developed a pan-India presence.
Trent Retail has entered the market with its new subsidiary Pome, which will be sold through its department stores, while Senco has set up a wholly owned subsidiary, Sennes Fashion Ltd.
A lot, indeed, seems to be happening in the lab-grown diamond sector right now.
As GJEPC’s Ray noted at the InCent-LGD seminar, “India will be the future epicenter of lab-grown diamond technology and innovation.”
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