As natural diamond prices go up, more people are choosing lab-made diamonds, which cost 70–90% less.
“The difference in price is the reason why demand for lab-grown diamonds is on the rise. However, the income from these diamonds is decreasing,” said Dinesh Navadiya, former president of the Surat Diamond Dealers Association.
The jewellery made with lab-grown diamonds can be sold just like conventional jewellery, as these diamonds also come with a certificate.
Rising gold prices have also turned jewellery consumers towards lab-grown diamonds. The rising prices of imitation jewellery are also a factor in a boost in the lab-grown diamond business.
In Surat, 15-17 large units manufacture lab-grown diamonds. However, the new players may find it hard to survive in the business due to low margins, experts believe.
Lab-grown diamond exports are rising to countries like the US, Hong Kong, Bangkok, the UAE, and the EU.
The data below shows that this market was among the least affected in business last year.
| Item | Business in Jan-Apr 2024 | Business in Jan-Apr 2025 | Difference |
|---|---|---|---|
| Unpolished diamonds | 360.16 cr | 169.24 cr | -53.01% |
| Polished diamonds | 5215.02 cr | 4644.31 cr | -10.94% |
| Lab-grown diamonds | 487.63 cr | 440.75 cr | -9.61% |