The lab-grown diamond market could expand to nearly 50 times the size of the current diamond market in volume, according to Union Home Minister Amit Shah, who described the potential scale of the category as a major opportunity for India’s gems and jewellery industry.
Addressing the 52nd India Gems & Jewellery Awards in Mumbai on September 13, Shah said changing consumer preferences and the emergence of lab-grown diamonds could significantly alter the global diamond trade. He urged industry players to look beyond the current price differential and focus on the potential increase in volumes.
Shah said India has an existing base of infrastructure, skills, capital and entrepreneurial capability that could help it establish a strong position in the emerging market. He pointed to the country’s established diamond-processing and jewellery-manufacturing capabilities as an advantage.
The opportunity, he said, extends beyond diamond production to the wider business chain, including equipment manufacturing, jewellery production, branding and international retail. He called for Indian companies to develop global brands and build a presence in overseas markets.
Shah also said the Centre would introduce policy support for the lab-grown diamond sector, while Gujarat and Maharashtra were working on measures to support the industry. He urged businesses to increase not only the pace of operations but also their scale as the market develops.
The comments place market expansion and volume growth at the centre of the emerging lab-grown diamond opportunity, offering a different perspective from the broader focus on domestic control of the LGD value chain.
