As per Future Market Insights, India lab grown diamond jewelry market size is set to reach US$ 299.9 million in 2023. At the end of 2033, the market valuation is likely to reach US$ 1,192.3 million by 2033. Overall lab grown diamond jewelry sales in India are forecast to increase at 14.8% CAGR from 2023 to 2033.
Increasing acceptance of lab grown jewelry is likely to drive India lab grown diamond jewelry market. Further, rising export of lab grown diamond jewelry from India will elevate demand.
Lab grown diamonds have become ideal substitutes for natural ones. They are made in laboratories and other facilities under controlled conditions. They cause very less harm to the environment as compared to mined diamonds. This has helped to attract eco-friendly consumers towards lab grown diamonds and jewelry.
The European Union, the United Arab Emirates, Botswana, the Russian Federation, and India are the world’s leading diamond exporters. These regions account for almost one-fourth of worldwide diamond exports.
India holds a significant place in the global diamond market as a top production center of cut and polished diamonds. This is due to its outstanding craftsmen who are adept in working on predominantly small-sized diamonds.
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With increase in diamond producers and rising usage of grown diamonds, it is critical to raise consumer and trade knowledge of grown diamonds. To do this, governments must first identify the long-term growth possibilities of grown diamonds.
Secondly, it must reclassify grown diamonds under the diamond category. And third, it must promote grown diamonds through trade events and exhibits under the diamond category. This will allow people to learn about the technical features of grown diamonds.
It will also help to avoid the use of phrases such as “synthetic” or “artificial diamonds,” which are frequently associated with the product. Hence, rising awareness about lab grown diamond jewelry will boost the market in India.
With new technical trials and accomplishments, the lab-created diamond industry is being enhanced and advanced. Real man-made diamond manufacturers, polishers, and jewelry designers are spending on R&D. They are also developing innovative methods to fulfill the rising demand, giving them a competitive advantage.
Key Takeaways from India Lab Grown Diamond Jewelry Market:
- The India lab grown diamond jewelry market is set to reach US$ 1,192.3 million by 2033.
- Lab grown diamond jewelry sales in India are forecast to rise at 14.8% CAGR through 2033.
- In 2023, India lab grown diamond jewelry industry will cross a valuation of US$ 299.9 million.
- Based on cut type, demand will remain high for faceted style diamond jewelry in the market.
- By application, necklaces and rings together hold a prominent share of India market.
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Who is Winning?
Leading players in India lab grown diamond jewelry market include Avtaara Jewelbox Limelight Lab Grown Diamonds Ltd., SYNDIORA, Fiona Diamonds, Ananta, DiAi Designs, Maiora Diamond, and Wondr Diamonds among others.
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Future Market Insights, in its new offering, provides an unbiased analysis of India lab grown diamond jewelry market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study divulges compelling insights on India lab grown diamond jewelry market based on application (bangles, necklaces, pendants, earrings, rings, anklets, brooches), size (0.3, 0.5, 1, 1.5, 2), technique (chemical vapor deposition, high-pressure high temperature), and cut type (faceted style, non-faceted) across India.
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