In 2022, the India lab-grown diamond jewelry market reached a valuation of US$ 264.5 million, with forecasts indicating robust growth at a compound annual growth rate (CAGR) of 14.8% over the next decade. By 2033, sales of lab-grown diamond jewelry are projected to surge from US$ 299.9 million in 2023 to a staggering US$ 1,192.3 million, reflecting increasing consumer acceptance and demand for sustainable and ethically sourced alternatives to traditional diamonds. This upward trajectory underscores a significant shift in consumer preferences towards environmentally friendly and affordable luxury options in the Indian jewelry market.
Lab grown jewelry acceptance is likely to increase the momentum of India lab-grown diamond jewellery market. In addition, increasing the export of lab grown diamond jewellery from India will increase demand.
The lab-produced diamonds have emerged as perfect alternatives to natural ones. These are synthesized in the laboratories and other places that have controlled settings. They do very little bad to the environment than mined diamonds. It has eco-friendly consumers to come towards lab grown diamonds and jewelry.
Leaders in the export of diamonds include European Union, United Arab Emirates, Botswana, Russian Federation and India. These areas make up nearly one-quarter of diamond exports worldwide.
India plays an important role in the international diamond economy as one of leading production centers for the cut and polished diamonds. This is because it has skilled craftsmen who are experts in making mostly micro-diamonds.
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Growth Factors:
- Government Initiatives: Governments play a crucial role in raising consumer and trade knowledge about lab-grown diamonds by identifying long-term growth possibilities and supporting initiatives to promote their adoption and understanding.
- Reclassification and Promotion: Governments can reclassify lab-grown diamonds under the diamond category, enabling them to be showcased and promoted alongside mined diamonds at trade events and exhibits. This reclassification helps consumers learn about the technical features of lab-grown diamonds and eliminates negative associations with terms like “synthetic” or “artificial.”
- Awareness Campaigns: Increased awareness campaigns focusing on the benefits and sustainability of lab-grown diamonds help educate consumers and the trade about the advantages of choosing these diamonds over mined ones.
- Technological Advancements: Continuous advancements in lab-grown diamond production techniques and technologies lead to improved quality, larger sizes, and greater availability of these diamonds in the market, driving growth and acceptance.
- Investment in Research and Development: Manufacturers, polishers, and jewelry designers are investing in research and development to enhance their understanding of lab-grown diamonds and innovate new methods to meet rising demand. This investment in R&D gives them a competitive edge and contributes to the overall growth of the lab-created diamond industry.
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
- Wondr Diamonds
- Others
India Lab Grown Diamond Jewelry Market by Category
By Application:
- Bangles
- Necklaces
- Pendant
- Earrings
- Rings
- Anklet
- Broaches
By Technique:
- Chemical Vapour Deposition
- High – Pressure High Temperature
By Cut Type:
- Faceted Style
- Non-Faceted
By Size:
- 0.3
- 0.5
- 1.00
- 1.5
- 2.00
By Region:
- North
- South
- East
- West
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The consumer product team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the consumer product industry, the team is happy to help with every business intelligence research and consulting requirement.
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