Editor’s Note
This article highlights the significant growth projected for the global lab-grown diamond market, a forecast bringing renewed optimism to India’s key polishing hub in Surat. The following analysis explores the market drivers and competitive dynamics shaping this evolving industry.
Surat: The global lab-grown diamond (LGD) market is projected to reach $100 billion by 2032, according to insights shared at the second LGD symposium hosted by the Dubai Multi Commodities Centre (DMCC).
The forecast has raised optimism for the LGD cutting and polishing sector in India’s Diamond City, with potential for increased employment opportunities.
The traditional diamond industry is facing challenges due to geopolitical tensions, restrictions on Russian rough diamonds, declining demand in conventional markets, and the rising popularity of affordable LGDs. In contrast, LGD cutting and polishing is emerging as a viable alternative for employment and industry growth.
Data shows that India’s polished LGD exports doubled from 7.81 million karats in 2023-24 to 15.29 million karats in 2024-25. However, the value of these exports has not grown proportionately. Meanwhile, natural cut and polished diamond exports fell from 18.92 million karats in 2023-24 to 16.64 million karats in 2024-25, with a value of $13.29 million, compared to LGD exports worth $1,267 million in the same year.
The event, themed “From Mass to Meaning: Creativity, Technology and Transformation in Lab-Grown Diamonds,” convened more than 150 global stakeholders to explore how LGDs are expanding beyond jewellery into semiconductors, optics, quantum computing, fashion, and lifestyle products.
Ahmed Bin Sulayem, executive chairman and CEO of DMCC, made this statement. He noted that Dubai is uniquely positioned to bridge luxury, industrial, and high-tech sectors, and DMCC provides the platform for this convergence. The free zone hosts over 30 lab-grown diamond companies within a broader ecosystem of more than 1,350 precious stones firms, reflecting the city’s growing role as a global hub for LGD innovation and trade.