The Rise of Lab-Grown Diamonds: A Sustainable Revolution in the Jewelry Industry
The demand for lab-grown diamonds (LGDs) in India has been steadily increasing, driven by their lower price point compared to natural diamonds. LGDs are chemically identical to natural diamonds and are graded based on the same 4Cs criteria. The affordability of LGDs has allowed more Indian consumers to enter the diamond market, with sales of LGD jewelry skyrocketing. However, industry experts believe that while LGDs are popular among millennials and Gen Z, buyers with more purchasing power are likely to opt for natural diamonds in the future. India is currently the second-largest producer of lab-grown diamonds, and experts predict it could soon become the top producer. Despite the growth of the LGD market, it is not expected to significantly impact natural diamond sales, which have seen a return to normalization after reaching peak prices in early 2022. However, the rapid production of LGDs could pose a risk if prices continue to fall.
