Editor’s Note
The burgeoning market for lab-grown diamonds in India, now valued at nearly $300 million, signals a significant shift in consumer preferences and the broader jewellery industry. This growth reflects evolving attitudes towards sustainability and value, positioning synthetic gems as a formidable segment in the luxury market.
India’s lab-grown diamond (LGD) jewellery market reached a size of $299.9 million in 2024, according to recent industry reports. This significant figure highlights the rapid growth and increasing consumer acceptance of synthetic diamonds within the country’s jewellery sector.
Analysts point to several factors driving this expansion, including technological advancements in production methods like High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD), greater affordability compared to natural diamonds, and shifting consumer preferences towards sustainable and ethically sourced products. The market is poised for continued strong growth in 2025, with projections indicating further increases in market penetration and value.