Editor’s Note
India’s lab-grown diamond industry is poised for significant growth, with exports potentially doubling this financial year. As global demand rises, the country’s role in cutting and polishing the vast majority of the world’s diamonds solidifies its key position in this evolving market.
India is increasing its sales of lab-produced diamonds thanks to rising global demand. Exports could double in the current financial year compared to $1.3 billion in 2021-22.
The demand for lab-grown diamonds continues to grow, and Indian companies cut or polish around 90% of the diamonds sold worldwide, making them key players in the market.
According to Paul Zimnisky Diamond Analytics, global sales of lab-grown diamonds reached $5.9 billion last year, representing about eight percent of the market.
Lab-made diamonds grow from a diamond seed placed in a plasma chamber and superheated into a glowing ball of ionized gas. The process creates pure carbon atoms that crystallize into diamonds within weeks.
There are now about 25 diamond labs in India with an estimated 2,500 active reactors manufacturing diamonds. A typical Chemical Vapor Deposition (CVD) reactor can grow 125 carats monthly for $175,000. The country contributes about 20% of the world’s lab-grown diamond production, producing 1.5 million carats, according to the global consultancy Bain & Company.
