Diamond Industry embracing the new modes of business

Know the latest numbers: As per recent reports, industry analysts have put the global lab-grown diamond jewellery sales at $5.9 billion last year, making up 7-8 percent of the market. The estimation of the global lab-grown diamond jewelry sales may top at $8 billion in 2022, approaching nearly 10 percent of the total diamond jewelry market, and approximately $10 billion mark by 2023. At the same time, market for the colored lab-grown diamonds is expected to grow at 10.2% CAGR. According to GJEPC, India’s polished lab grown diamond exports were $1.05 billion worth in last financial year till Jan’22, which accounted to a growth of 113%. The recent sanctions on the Russia, is likely to increase the market for man-made diamonds.?

According to the AWDC report, growth is expected to continue between 15% and 20% annually, as customers are becoming more and more aware and many young buyers are being drawn to this segment, driven by pricing, environmental reasons & transparency. Though this segment is growing, the market share for man-made diamonds still remains relatively small, as of now.

Surat & the Lab grown diamonds: India has been exporting CVD diamonds and jewelery sets using both HPHT and CVD diamonds. With the growth in the demand, many companies are investing in this technology. Surat, being the world leader in diamond cutting and polishing, is witnessing a growing number of CVD diamond manufacturers, in last few years. With the increasing global demand, many diamond companies in Surat have been growing CVD diamonds, in significant numbers.

Disclaimer: The above article is strictly for informational purpose only, as per industry udpates & news, and not to be taken as an investment advice. Surat Diamond Bourse is not responsible for any changes in the data or specific use/misuse of the information.