Lab Grown Diamonds (LGDs) are slowly making inroads into the Indian market, but it remains to be seen as to whether Indian consumers are ready to accept them as real diamonds. Globally, they have gained acceptance in a big way, particularly in the US. However, here in India, the going has not been so easy for LGDs.
LGDs were introduced in India in 2004, and have evolved from being only yellow stones to clear white and now available in all fancy colours. According to GJEPC, India accounts for about 15% of the global production of LGDs; exports of polished lab-grown diamonds stood at $1.3 billion this year, nearly double compared to $636.25 million in FY 2020-21. In the domestic market, the major buyers are space, research and industrial equipment industries, with jewellery manufacturers accounting for only about 2% of the pie.
As per a WiseGuy Survey Report, globally, the LGD jewellery market is growing at the rate of 28% annually, while the LGD segment of the Indian gem and jewellery industry is growing at the rate of 105% annually. GJEPC has estimated that the LGD segment has the potential to grow to Rs 40,000 crore, from the current Rs 10,000 crore in the next five years.
HOW READY IS THE INDIAN CONSUMER?
LGDs came into India in 2004, when Fiona Diamonds was founded. The company started its business in LGDs in the year 2007, and opened its first outlet in 2013 in Mumbai. Parag Agarwal, Founder & CEO Fiona Diamonds, says that in his experience “the Indian consumer is not yet aware about LGDs, so acceptance will come after awareness.”
This story is from the July - August 2022 edition of Diamond World.
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This story is from the July - August 2022 edition of Diamond World.
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