Do you remember the gifting moment when Prime Minister Narendra Modi presented President Joe Biden and First Lady Jill Biden with a 7.5-carat Lab-Grown Diamond during an official visit in 2022?
This symbolic gesture was more than a diplomatic exchange; it marked the dawn of a new era for Lab-Grown Diamonds. Let's explore and check into the factors that not only hint at a brilliant future but also substantiate the growing data that supports the meteoric rise of Lab-Grown Diamonds.
The Prime Minister's Gift:
The exchange of gifts between leaders wasn't just a formality; it was a strategic move.
The 7.5-carat Lab-Grown Diamond from the labs of Surat showcased India's prowess in cultivating diamonds, emphasizing innovation over traditional mining.
Industry experts speculate that this high-profile gift could serve as a catalyst, steering consumer adoption and signalling the rise of Lab-Grown Diamonds in India and beyond.
With a rich and elegant history of Dimond craftsmanship, India is now ready to take bold steps in the world of Lab lab-grown diamonds.
Lab-Grown Diamonds Market in India:
As per the current trends in youth going globally but holding the roots of sustainable and ethical choices, lab-grown diamonds are now taking a significant place in the India Market.
Today there is a huge demand for diamond engagement rings, workwear, and gifting occasions.
During the Union Budget 2023-24 in February, Minister of Finance Nirmala Sitharaman announced a five-year research grant for IIT-Madras to set up an India Centre for Lab-grown Diamond at an estimated cost of ₹242.96 crores. A reduction in customs duties for the ‘seeds’ used to make these gems was also approved, overall, with the manufacturing boom, this comes with a retail surge for this Lab Grown Diamonds.
The Indian Lab Grown Diamond Jewelry market, valued at US $ 264.5 million in 2022, is poised for remarkable growth. Experts project a compelling 14.8 % compound annual growth rate (CAGR) over the next decade, with the total market size soaring from US $ 299.9 million in 2023 to a dazzling US $ 1192.3 million by 2033.
But people are more thinking about the Factors that are shaping the future of Lab Grown Diamonds in India, so here we have mentioned few of the impacting features that are creating the need of the Lab Grown Diamond’s development and so the future Market in India and so to the world.
Environmental Consciousness and Sustainability:
As not only India but the whole world is facing issues related to global warming and climate-related issues so, nowadays products which has limited or minimal environmental impact are in huge demand and so for diamonds too, as this lab grown diamonds are not mined by traditional processes of mining, therefore, the Lab grown Diamond Jewellery is the best option to showcase your true ecofriendly choices.
Changing needs of Today’s women:
Due to the cost of Natural diamonds, the diamond was just the dream of almost 95 % of women, but with the creation of these Lab-grown diamonds now there is a huge surge in demand for this jewelry. Additionally, the evolving roles of women, who are now more independent and globally oriented, contribute to the rising demand for Lab-Grown Diamond jewelry.
Cost-effective and fit for customization:
Lab-grown diamonds are the best cost-effective option for women wanted to have diamond jewelry. With technological advancement and the greatest production capabilities, these diamonds are now easy to fit in for customized jewelry and are available in many colors and shapes. So, these lab-grown diamonds are gaining important traction being a versatile and accessible alternative.
Government Initiatives and Export Growth:
India's strategic initiatives, including 100% foreign direct investment (FDI) and the development of diamond clusters, position the country as a global leader in diamond production.
The focus on Lab-Grown Diamonds not only aligns with the global trend but also contributes significantly to India's prominence in the international market.
Adding on this extensive Leadership and support of our Prime Minister Narendra Modi is one of the best initiatives that boost the growth of Lab-grown Diamonds in India and overall contribute to India’s position in the global market.
Changing perception:
Before a few years, Lab-grown diamonds were under complicated scepticism, from both jewelry makers and consumers, people didn’t know what are Lab-grown diamonds, and what it is? Why at such low prices and where it has come from? but over the last 5 years, people have now aware of what Lab Grown Diamonds with word of mouth as well as media publication and awareness campaigns with ad media and social media. So, with as the consumer awareness is increased the perception is changed for Lab Grown Diamonds.
Investment Value:
With increasing awareness and the authenticity that comes as the true value of investment People are now comparing the ROI of Natural Diamonds with Lab-grown Diamonds and its awareness is the major strategy that shapes the segment in better manners.
Integration of Smart Technology:
The integration of high-capacity machines and high design capabilities of smart tech adds charm to this versatile business with never-ending demands. The surge in technology enhances the appeal of lab-grown diamond Jewellery in India, aligning with the changing perception and the real future of a tech-savvy consumer base.
In conclusion, when questioned about the future of Lab-Grown Diamonds in India and the world, the narrative is one of undeniable optimism. Prime Minister Narendra Modi's strategic gift merely opened the curtain on a transformation already in motion. Driven by sustainability, changing consumer preferences, and technological advancements, Lab-Grown Diamonds are poised to redefine the jewelry landscape globally. The data speaks for itself, projecting a trajectory that shines brightly, just like the diamonds it represents.