India's Lab-Grown Exports Surge 40 per cent
September 29, 20
(IDEX Online) - India's exports of lab-grown diamonds surged by a record 40 per cent in August.
They represent a tiny fraction of its overall diamond production, but have shown sustained growth during the pandemic, while sales of natural stones have suffered badly.
Year-on year exports of lab-growns were 37 per cent up in June, 22 per cent up in July and 40 per cent up in August, according to the Gems and Jewellery Export Promotion Council (GJEPC).
By comparison, exports of natural polished diamonds were down 42 per cent in June, 33 per cent in July and 22 per cent in August.
August foreign sales of lab-growns were about four per cent of polished exports.
There are over 2,000 units manufacturing lab-grown diamonds in India, the vast majority of them in Surat. They are 60 per cent cheaper than natural equivalents and are especially popular in the USA.
Shashikant Shah, of GJPEC, told the Times of India newspaper: "Even though the lab-grown diamond exports are minuscule compared to the natural diamonds, but they are gaining huge popularity among the US consumers given their cheaper prices compared to natural diamonds."
Generic pic shows a lab-grown diamond