Mumbai

‘Demand for synthetic diamonds to double in country’

Exports to U.S. estimated at $280 million

Jewellery made from lab-grown diamonds is likely to capture 2% of India’s overall gem and jewellery exports to the U.S., Shashikant Dalichand Shah, chairman of The Lab Grown Diamond and Jewellery Promotion Council, said on Friday.

“Exports of jewellery made of lab-grown diamonds to U.S., the largest market for Indian exporters is estimated at $280 million this year,” said Mr. Shah, while inaugurating India’s first International Lab Grown Diamond and Jeweller Expo 2019 in the city.

He said the demand for lab-grown or synthetic diamonds is expected to increase by 100% in the country this year due to its growing popularity among the middle class.

“Being 75% cheaper than original diamonds, lab-grown diamonds are gradually replacing natural diamonds among the middle class, who want to own diamond jewellery that looks the same but is inexpensive,” Mr. Shah said.

Synthetic diamonds are purchased mostly for gifting purposes and are expected to cover 50% of the market share of mined diamonds by 2024, industry officials said.

Additionally, India exports lab-grown diamond jewellery to the U.S., France and few other European countries. The global market for lab-grown diamond is estimated at $10 trillion, officials said.

“The lab grown diamonds are green with no fear of buying blood diamond. Its supply can be increased at any point in time as against the short supply of natural diamonds. Hence, lab-grown diamond is the future of the diamond jewellery industry in the world,” said Somchai Phomchindark, president, Gems, Jewellery & Precious Metal Confederation, of the gems and jewellery trade body of Thailand.

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Printable version | Feb 23, 2020 1:57:31 PM | https://www.thehindu.com/news/cities/mumbai/demand-for-synthetic-diamonds-to-double-in-country/article28986393.ece

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