While there is a clear slowdown of market for mined diamonds, a 2 – 4.2 million carats Lab-grown diamond sector, which is expected to grow to 10 – 17 million carats by 2030, is zooming ahead. Just few years back, Lab-grown Diamonds market was a fraction of what it is today and this astonishing growth rate is primarily driven by increased consumer awareness, acceptance and demand fueled by an alternate choice.
This is corroborated by how Lab-grown diamonds took a centerstage at 2018 JCK Las Vegas show, with 29 Lab-grown diamond companies exhibiting and a new 6,400 square feet dedicated section – ‘Lab-grown Diamond Neighborhood’ being created, increasing its footprint by 40 percent.
According to India’s GJEPC, while exports of polished diamonds declined by more than 17 percent during April – June 2019 period, exports of Lab-grown stones (non-diamond stones included) touched $ 100 million mark in the same period, up from $ 62 million a year ago, a 61% increase.
Traditional jewelers now selling Lab-grown diamonds