India has the capability for becoming an international hub of lab-grown diamond production and processing. The country is playing a crucial role of technology in lab grown diamonds. The latest industry update by Gem & Jewellery Export Promotion Council stated that India’s polished lab-grown diamond exports amounted to be around $1.05 billion from April 2021 to January 2022.
From a macro aspect, the Indian gems and jewellery industry is considered to be one of the biggest industries and holds a considerable majority of consumer markets over the globe. Therefore, there is a major role of technology in lab grown diamonds sector in India. The industry is contributing 29 per cent of the world consumption of the jewellery sector. It has a huge market as well as employment base. The market is offering jobs to approximately 4 million people on a yearly basis. Furthermore, the jewellery industry has more than 3,00,000 gems and jewellery players. The increasing demand of market dominance of lab-grown diamonds can be attributed to technological innovations and a sound shopping approach that has been taken by consumers amid Covid-19 pandemic.
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The role of technology in lab grown diamond market is increasing exponential as they are greener and environmentally sustainable. They are also 50-60% inexpensive as compared to mined diamonds. Nowadays, buyers are more practical and realistic in their purchasing decisions. They are choosing and continuously prefer lab-grown diamonds and cultured diamonds over natural ones. The international sales of lab-grown diamonds manufactured in India surpass that of domestic markets. Nonetheless, it is becoming its own and faring pretty well in the domestic area as well.
Role of Technology in Lab Grown Diamonds
The industry is also warming up to the idea of doubling the production of lab-grown diamonds to satisfy the demands of increasing customers. The manufacturers are fine-tuning their policies for adopting an environmentally friendly stand and promoting lab-grown diamonds. Which fundamentally have the similar characteristics as natural diamonds. The lab-growns come with a yellow certificate which is the only point of difference.
The role of technology in lab grown diamonds sector in India also concerns with the financial aspect. The financial hit that shook the sector and its consumer targets during the Covid-19 pandemic has resultantly made them more frugal about their spending and expenditure. People are naturally more inclined to choose lab-grown diamonds as their luxury asset or a token of gift to their friends or family. It is inexpensive, affordable, and does not produce any irreparable damage to ecological well-being. The above-mentioned reasons increase the buying quotient of lab-grown diamonds.
Delivery services and online orders have also picked up transaction rates. Augmented brand visibility is also making them stand out from the rest and enhancing people’s knowledge about lab-grown diamonds.
One of the few challenges that the role of technology in lab grown diamond industry faces is a travesty of people’s judgement. Lab-grown diamonds are typically considered inferior and debased to natural mined diamonds, which is an inimical misrepresentation. Both of them are carrying similar physical and chemical properties. The only dissimilarity is that lab-grown diamonds are created in labs and natural diamonds are mined.
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Wrapping Up…
India’s increasing consumer pool of sustainable diamonds is putting it to a competitor’s edge. It will soon be establishing a host of developments, seconding India as a lab-grown market buzz spot.
The fluorescence of lab-grown markets of India initiated in the mid-2000s and is increasing exponentially in the 2020s. Despite encountering a few setbacks during the Covid-19 pandemic, the business has registered a tall-order comeback. It is challenging the market hegemony of natural mined diamonds and entirely taken over consumer luxury tastes. It has pandered to the predominance of the sustainability yardstick mind built and forming a niche of its own.
Major metro cities like Kolkata, Delhi-NCR, Chennai, and Mumbai are observing a major engagement for sustainable diamonds. It is also picking up speed in Tier-2 cities and, most probably, in the coming few years, will also break out in Tier-3 cities.
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