Among the many just photo-ops during Prime Minister Narendra Modi’s three-day state visit to the United States, perhaps the most sparkling was the PM gifting US First Lady Jill Biden an eco-friendly lab-grown 7.5-carat diamond produced by a lab based in Surat, Gujarat.
Promoting India’s manufacturing of lab-grown diamonds (LGD), the diamond is eco-friendly as resources like solar and wind power were used in its making. The green diamond is sculpted with precision and care using cutting-edge technology, emitting only 0.028 grams of carbon per carat, and is certified by the Gemological Lab, International Gemological Institute.
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In this year’s Union Budget, the government announced elimination of 5% customs duty on seeds used to manufacture rough lab-grown diamonds. It also approved a five-year research grant to the Indian Institutes of Technology, Madras, to encourage indigenous production of LGD machinery, seeds and recipes. An India centre for lab grown diamonds (InCent-LGD) is also proposed at IIT Madras with an estimated cost of `242.96 crore over five years.
The gems and jewellery sector plays a significant role in the Indian economy, contributing around 9% to India’s total merchandise exports. Over the past decade, there has been several positive developments in the gem and jewellery sector globally, and LGD is one of them.
While lab-grown diamonds are produced through two technologies – high-pressure high temperature (HPHT) and chemical vapour deposition (CVD), India is one of the leading producers of diamonds using CVD technology. The lab-grown diamond jewellery market is expected to rise to $5 billion by 2025 and exceed $15 billion by 2035. Besides the jewellery industry, lab-grown diamonds are used in computer chips, satellites, and 5G networks as they can be used in extreme environments and have an edge over silicon-based chips. LGDs have a vast application in the field of defence, optics, jewellery, thermal and medical industry.
There is a global market of lab-grown diamonds, which includes industry giants like De Beers and Tanishq and several other brands like Itara, DiAi Designs, Aukera.
While a majority of the market is deeply rooted in traditional jewellery culture, India is experiencing a significant demand for new and alternative options when purchasing jewellery. Also there is rapid advancement in diamond-growing technology, resulting in the production of larger, high-quality lab-grown diamonds.
Can lab-grown diamonds disrupt the global precious jewellery market and can they revolutionise the industry? Yes, because the LGD is distinguished by certification. The diamonds are distinct from synthetics like American diamonds or cubic zirconia, offering buyers an unmatched value proposition in terms of exceptional quality.
“The sustainability is inherent and LGDs can be cultivated without causing harm to the planet or squandering valuable water resources. Grown diamonds have captured the hearts of millions of consumers in the United States, empowering women to finally attain the stones they’ve always desired,” says Lisa Mukhedkar, founder & CEO, Aukera. But despite an elevated status, these grown diamonds are not cheap.
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“A delight to own and delightfully priced, they are accessible treasures adored by luminaries worldwide and coveted and favoured by progressive and prudent consumers. These precious gems are exchanged between heads of state, proudly showcased on the red carpet by global stars, and make a resounding statement when adorned by influential figures. However, they have more advantages than mined diamonds. Grown diamonds cost 40-50% less than mined diamonds. The price difference is a significant benefit because it allows you to purchase a much larger and better 4Cs of diamond for the same price. To put things in perspective, the best grown diamonds cost less than the lowest quality mined diamonds,” adds Mukhedkar.
