In 2022, the market for lab-grown diamond jewelry in India reached a value of USD 264.5 million. It is projected that over the following decade, sales of lab-grown diamond jewelry will experience a Compound Annual Growth Rate (CAGR) of 14.8%. Consequently, the total market size is anticipated to surge from USD 299.9 million in 2023 to USD 1,192.3 million by 2033.
The acceptance of lab-grown jewelry is poised to invigorate India’s lab-grown diamond jewelry market. Furthermore, the surge in export of lab-grown diamond jewelry from India is expected to drive demand.
Lab-produced diamonds have emerged as impeccable alternatives to natural ones. Synthesized in controlled laboratory environments, they have minimal environmental impact compared to mined diamonds. This eco-friendly aspect has attracted environmentally conscious consumers towards lab-grown diamonds and jewelry.
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Leading the export of diamonds are key players such as the European Union, United Arab Emirates, Botswana, the Russian Federation, and India. Together, these regions contribute to nearly one-quarter of global diamond exports.
India plays an important role in the international diamond economy as one of leading production centers for the cut and polished diamonds. This is because it has skilled craftsmen who are experts in making mostly micro-diamonds.
With increase in diamond producers and rising usage of grown diamonds, it is critical to raise consumer and trade knowledge of grown diamonds. To do this, governments must first identify the long-term growth possibilities of grown diamonds.
Secondly, it must reclassify grown diamonds under the diamond category. And third, it must promote grown diamonds through trade events and exhibits under the diamond category. This will allow people to learn about the technical features of grown diamonds.
It will also help to avoid the use of phrases such as “synthetic” or “artificial diamonds,” which are frequently associated with the product. Hence, rising awareness about lab grown diamond jewelry will boost the market in India.
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Key Takeaways from India Lab Grown Diamond Jewelry Market:
- The India lab grown diamond jewelry market is set to reach US$ 1,192.3 million by 2033.
- Lab grown diamond jewelry sales in India are forecast to rise at 14.8% CAGR through 2033.
- In 2023, India lab grown diamond jewelry industry will cross a valuation of US$ 299.9 million.
- Based on cut type, demand will remain high for faceted style diamond jewelry in the market.
- By application, necklaces and rings together hold a prominent share of India market.
Who is Winning?
Leading players in India lab grown diamond jewelry market include-
- Avtaara
- Jewelbox
- Limelight Lab Grown Diamonds Ltd.
- SYNDIORA
- Fiona Diamonds
- Ananta
- DiAi Designs
- Maiora Diamond
- Wondr Diamonds
- Others
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India Lab Grown Diamond Jewelry Market by Category
By Application:
- Bangles
- Necklaces
- Pendant
- Earrings
- Rings
- Anklet
- Broaches
By Technique:
- Chemical Vapour Deposition
- High – Pressure High Temperature
By Cut Type:
- Faceted Style
- Non-Faceted
By Size:
- 0.3
- 0.5
- 1.00
- 1.5
- 2.00
By Region:
- North
- South
- East
- West
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