In the global diamond industry, India has been showing a remarkable transformation. It has now become one of the significant diamond polishing hubs as well as a significant consumer market. Currently, the diamond market of India is believed to be less than $10 billion. However, many think that it will double in only five years.
When experts talk about the four key regions for diamond consumption around the world, they talk about a substantial decline in China. Also, it might take some time to recover because China is facing a few economic challenges. In the US, over the last year, the market has been stable. Also, the US is facing some growth in recent months. However, near about 90% of the diamonds of the globe come through the country India. Also, India enjoys good value from the diamonds that are exported worldwide.
In FY 25, the estimated diamond market in India is 46.2 billion. Also, the lab-grown ones represent an amount of 40.4 billion. Many think that both markets will grow a lot in 2028. So, the first one will reach almost $8.6 billion. Moreover, the market of lab-grown ones will reach $0.6 billion.
Now, you may wonder how this growth is possible, right? So, let’s see the reasons below.
- Lab-Grown Diamonds
Today, lab-grown diamonds are changing the Indian industry. Professionals create these diamonds through advanced procedures. These pieces can offer a sustainable, highly ethical alternative to mined diamonds. India is now in the forefront of creating amazing lab-grown diamonds. The Indian government is also helping by offering grants for development and research work. Now, this is also helping a lot in the growth of lab-grown diamond market in India.
- The Rise in Demand
There are several factors that are now helping in the growth of lab-grown diamond market in India. Such as follows:
- Cultural Importance: Diamonds usually hold a special place in many Indian occasions. These are usually associated with celebrations and weddings.
- Rising Affluence: Lots of India’s middle-class people are now facing increasing demands. This is increasing the demand as well as market for luxury goods. Hence, the demand for diamonds is increasing with remarkable speed.
- Global Influence: Nowadays, international brands are looking for the Indian market. This is eventually consumer awareness and global trends.
- Innovation and Infrastructure
India is now investing in infrastructure quite a lot. This is helping the Indian diamond industry. The companies in Surat are now creating some exclusive lab-grown diamonds to showcase the innovative ideas of India. Also, India has a few research centers where professionals research on lab-grown diamonds.
Thus, today, natural diamonds are facing strong competition from synthetic or lab-grown diamonds. The main reason is that these lab grown diamonds are quite affordable for many. Also, many love these for their ethical sourcing and environmental advantages.
A Brilliant Future
Today, the diamond industry of India stands at an important juncture. On the global stage, this sector will shine brightly. With the continuous evolution of the market, companies are trying to seize the opportunities as much as possible to enjoy proper growth and success.
