In 2022, the market for lab-grown diamond jewelry in India reached a value of US$ 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 US$ 299.9 million in 2023 to US$ 1,192.3 million by 2033.
Lab grown jewelry acceptance is likely to increase the momentum of India lab-grown diamond jewellery market. In addition, increasing the export of lab grown diamond jewellery from India will increase demand.
The lab-produced diamonds have emerged as perfect alternatives to natural ones. These are synthesized in the laboratories and other places that have controlled settings. They do very little bad to the environment than mined diamonds. It has eco-friendly consumers to come towards lab grown diamonds and jewelry.
Leaders in the export of diamonds include European Union, United Arab Emirates, Botswana, Russian Federation and India. These areas make up nearly one-quarter of diamond exports worldwide.
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.
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Driving Forces Behind the Boom
Several key factors are propelling this growth:
- Sustainability Focus: Consumers are increasingly concerned about the environmental impact of diamond mining. Lab-grown diamonds offer an attractive alternative, boosting market demand.
- Rising Acceptance: Lab-grown diamond jewelry is gaining wider acceptance within India, leading to a surge in sales.
- Export Boom: The flourishing export market for lab-grown diamond jewelry from India is further fueling domestic demand.
- Empowered Women: India’s growing working woman population with rising disposable income is a significant driver of market expansion.
- Value Proposition: Lab-grown diamonds offer a combination of purity and affordability, making them highly attractive to consumers.
- Government Support: Favorable government initiatives are expected to create opportunities for local lab-grown diamond manufacturers.
- Millennial Mania: The burgeoning millennial population, with its affinity for ethical and trendy jewelry, is another key factor propelling market growth.
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.
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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
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
About Consumer Product Division at Future Market Insights
The consumer product team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the consumer product industry, the team is happy to help with every business intelligence research and consulting requirement.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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