India’s gem and jewellery market is set to reach an impressive USD 130 billion by 2030, according to the Gems and Jewellery Export Promotion Council (GJEPC). One of the key trends driving this growth is the rise of lab-grown diamonds. The lab-grown diamond market, valued at USD 2.61 billion in 2023, is projected to grow at a Compound Annual Growth Rate (CAGR) of 13.73%, reaching USD 8.31 billion by 2032, as reported by Vantage Market Research.
Diamonds have long been cherished in Indian culture, representing wealth, purity, and prosperity. They are traditionally worn on special occasions, with their rarity and association with eternity making them highly coveted. Currently, India’s gem and jewellery market is valued at USD 85 billion, and with continued growth, it is expected to reach USD 130 billion by 2030.
However, amidst this booming market, a disruption is occurring: lab-grown diamonds. Once regarded as mere synthetic alternatives, these diamonds are now gaining significant traction as a viable option. Advancements in technology have made lab-grown diamonds chemically identical to mined ones, and consumer acceptance is growing rapidly, challenging the traditional diamond industry.
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