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.
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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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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