Lab-grown diamonds are gaining traction in India as consumers—especially younger demographics—seek ethical, affordable alternatives to traditionally mined stones. The global market for lab-grown diamonds, valued at $22 billion in 2022, is projected to exceed $55 billion by 2031, according to Allied Market Research.

In India, demand is growing steadily, driven by awareness of environmental concerns and the high cost of natural diamonds. Industry data shows lab-grown stones can cost 30–40% less while maintaining comparable quality. For urban millennials and Gen Z buyers, value, sustainability, and traceability are key considerations in luxury purchases.

According to Bain & Company, nearly 70% of Gen Z and millennial consumers globally prefer brands aligned with their social and environmental values. This shift is beginning to influence the Indian fine jewelry market, which has traditionally centered on natural diamonds as symbols of status.

Amid this changing landscape, new direct-to-consumer brands are emerging to meet evolving demand. One such brand is Zuvelio, a Jaipur-based company founded in 2022 that specializes in jewelry made from lab-grown diamonds and moissanite. The brand operates primarily online and serves markets in India, the U.S., Canada, and the U.K.

Zuvelio’s recent campaign, #LuxuryWithZuvelio, promotes its philosophy of “luxury within reach,” highlighting a broader movement toward affordable yet certified fine jewelry. Its diamonds are certified by the International Gemological Institute (IGI) and the Gemological Institute of America (GIA).

“We believe everyone should experience fine jewelry without ethical or financial compromise,” said Jitender Soni, the company’s founder.

While still a niche segment, India’s lab-grown diamond exports have also seen a boost. The Gem & Jewellery Export Promotion Council (GJEPC) reported a 35% year-on-year increase in lab-grown diamond exports in 2023.

With evolving values and technological advances in production, industry analysts expect lab-grown diamonds to become a significant part of India’s jewelry market in the coming decade.