For the first time, the export of lab-grown polished diamonds ahead of Christmas season witnessed a massive 111% increase to Rs 155 crore in November compared to Rs 73 crore in Novemember compared to Rs 73 crore in November 2018.
At the same time, the export of natural polished diamonds fell by 25%, though it’s much bigger in value terms.
Industry sources said majority of lab-grown diamonds are exported to o the US, which is considered the largest market for lab-grown diamond jewellery. Many leading diamond jewellery brands in the US including Signet Jewellers largest retailer of diamond jewellery, now sell lab-grown diamonds.
Kay, Jared and Zales, as well as its online site James Allen had already been selling them.
Lab-grown Diamond and Jewellery Promotion Council (LGDJPC) chairman Shashikant Shah said, "Given their cheaper price, these diamonds are gaining huge acceptance among consumers in the US. Compared to natural diamond exports, the lab-grown diamond exports value is very negligible. But, this segment is seeing double digit growth and the exports will only keep increasing in the coming years."