In 2022, the market for lab-grown diamond jewelry in India reached a value of USD 264.5 million. It is projected that over the following decade, sales of lab-grown diamond jewelry will experience a Compound Annual Growth Rate (CAGR) of 14.8%. Consequently, the total market size is anticipated to surge from USD 299.9 million in 2023 to USD 1,192.3 million by 2033.
The acceptance of lab-grown jewelry is poised to invigorate India’s lab-grown diamond jewelry market. Furthermore, the surge in export of lab-grown diamond jewelry from India is expected to drive demand.
Lab-produced diamonds have emerged as impeccable alternatives to natural ones. Synthesized in controlled laboratory environments, they have minimal environmental impact compared to mined diamonds. This eco-friendly aspect has attracted environmentally conscious consumers towards lab-grown diamonds and jewelry.
Leading the export of diamonds are key players such as the European Union, United Arab Emirates, Botswana, the Russian Federation, and India. Together, these regions contribute to nearly one-quarter of global diamond exports.
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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Driving Forces Behind the Boom
Several key factors are propelling this growth:
- Sustainability Focus: Consumers are increasingly concerned about the environmental impact of diamond mining. Lab-grown diamonds offer an attractive alternative, boosting market demand.
- Rising Acceptance: Lab-grown diamond jewelry is gaining wider acceptance within India, leading to a surge in sales.
- Export Boom: The flourishing export market for lab-grown diamond jewelry from India is further fueling domestic demand.
- Empowered Women: India’s growing working woman population with rising disposable income is a significant driver of market expansion.
- Value Proposition: Lab-grown diamonds offer a combination of purity and affordability, making them highly attractive to consumers.
- Government Support: Favorable government initiatives are expected to create opportunities for local lab-grown diamond manufacturers.
- Millennial Mania: The burgeoning millennial population, with its affinity for ethical and trendy jewelry, is another key factor propelling market growth.
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
About Consumer Product Division at Future Market Insights
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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