The popularity of lab-grown diamonds is on the rise, and many individuals now favor them over naturally occurring diamonds.
There has recently been a steady rise in the number of individuals worldwide choosing lab-grown diamond jewellery, whether due to economic savings or environmental awareness.
In the world of jewellery, especially lab-grown diamond jewellery, India is among the major contributors.
One of the greatest sectors in the world, the Indian gem and jewellery sector accounts for more than 29% of the world’s jewellery consumption.
India is also now a growing market for lab-grown diamonds, and the lab-grown diamond manufacturers in India will undoubtedly help India capitalise on the competitive edge of the new-age diamond.
The excellent thing is that Gen-Z and millennial consumers are steadily increasing their interest in lab-grown diamonds. Nowadays, more people tend to buy lab-grown diamonds.
Let us see some factors that assist the growing future of lab-grown diamond jewellery.
Indian industry is the prominent exporter of diamonds
India is a significant supplier of lab-grown diamonds to Belgium, the United States, Israel, Hong Kong, and other countries. In recent years, the number of companies producing lab-grown diamond jewellery has steadily increased in Surat, India, the city that leads the world in diamond cutting and polishing.
Indian industry is the expertise manufacturing hub
India is one of the top producers of lab diamonds in the world, with the best facilities and knowledge. The production of lab-grown diamonds worldwide is more than 6 million carats. India produces more than 1 million carats of this total.
Diamond manufacturing centers may be found in Indian cities like Jaipur, Mumbai, and Surat. The nation provides expert diamond craftsmen as well as efficient production facilities. All of this is attributable to the nation’s thriving diamond industry for hundreds of years.
Lab-grown diamond manufacturers in India are implementing new technologies to increase production. India is poised to become a significant center for the manufacture and polishing of these lab-grown polished diamonds because of the advancements in technology, cost-effectiveness, and outstanding output.
Lab-grown diamond jewellery is in demand
These gems are in high demand among affluent celebrities and brides from the millennial generation.
Youths of today are more conscientious consumers, whether in terms of clothing, food, or diamonds. They look for viable alternatives.
This has prompted them to consider lab-grown diamonds for use in wedding and engagement rings as well as other types of jewellery. The majority of millennials live in India. This indicates that there is a massive market opportunity for the lab-grown diamond jewellery business.
Lab diamonds are comparatively cheaper
When compared to mined diamonds, lab-grown diamonds are extremely inexpensive, environmentally friendly, and sustainable. Millennials wished to splurge on beautiful and reasonably priced luxury jewellery.
The carat, cut, clarity, and colour are some elements that affect the cost of lab-created diamonds. The appearance of mined and lab-grown diamonds is comparable to the naked eye. They both share relatively similar physical and chemical characteristics and are produced using the same procedure.
Hence, the ideal stone to indulge in and buy own beautiful diamonds at a fraction of the cost of traditional diamond jewellery seemed to be lab-grown diamonds.
Hence, due to all the above promising factors, it is evident that the majority of people tend to buy lab-grown diamond jewellery more in comparison to mined ones. This is the reason why lab-grown diamond manufacturers in India seem to have a proven bright future.