The demand for lab-grown diamond (LGD) is growing considering the affordability factor in the post pandemic time, industry officials said.
According to the Lab-Grown Diamond and Jewellery Promotion Council (LGDJPC), LGD deals valued at about ₹5,000 crore were consummated and facilitated at a recently held trade fare indicating the demand for this product.
Shashikanth Dalichand Shah, chairperson, LGDJPC, confirmed the sales deals, and said that the LGD market in India was estimated at ₹2,200 crore in 2021.
At present, India contributes about 15% to the global production of lab-grown diamonds. But it has the potential to become a global hub, industry officials said.
More than 25,000 Indian and international trade buyers visited the second edition of Lab Grown Diamond & Jewellery Expo where over a hundred exhibitors showcased their products.
“Most of the ₹5,000-crore deals were from buyers from South India and from London and Thailand,” said Rajesh Bajaj, convener, LGDJPC.
According to him, while orders worth ₹700 crore were signed on the spot, the rest ₹4,300 crore of business has been confirmed verbally and will be signed in due process.
“Business was also generated from buyers from Singapore, Hong Kong, Middle East, and Delhi NCR. The biggest deal was clinched by Banderi Lab Grown Diamonds and major orders were bagged by them from buyers in Middle East. The response to the show will boost the council to do much better later,” Mr. Bajaj said.
In India, the LGDs business has the potential to grow to ₹40,000 crore from the current levels in the next 5 years, industry officials said adding since mined diamonds are expensive [1 carat of mined diamond costs around ₹6. 5 lakh, while the same size of a LGD costs ₹1.25 lakh] the demand for LGDs is growing fast.
