Since an era when rupees and dollars were not used but only trade and barter systems, diamonds have been at the forefront, and even now, in the 21st century, diamonds still hold up the crown. Whether it’s Maharaja’s Jewels or modern bribes, diamonds are always considered one of the most meaningful. However, with modernization, alternatives have come into existence, and one such alternative is Lab-Grown Diamonds.
What was once a curiosity niche is now in the mainstream as lab-grown diamonds are identical twins of mined diamonds. From optical to physical and chemical terms, Lab-Grown Diamonds are entirely similar. As India is deeply rooted in culture and traditions, with the rapid growth of modernization, these Lab-Grown Diamonds came as a cultural negotiation, followed by a challenge and a mixture of opportunities.
In this Blog for LGD’s part 1, we will understand Lab-Grown Diamonds from India’s perspective. This will be followed by a short overview of why India should value them and their cultural acceptance.
About Lab-Grown Diamonds
Don’t consider the term lab fake because you can miss everything here. These diamonds are created in controlled laboratory environments using (CVD) Chemical Vapor Deposition and (HPHT) High Pressure, High Temperature. After the process, LGDs become natural diamonds as they grow carbon into the same lattice structure of crystals. While being used regularly and under a microscope, these diamonds sparkle and look like the main ones.
The only difference between Mined and Lab-Grown Diamonds is their origin. Mind Diamonds took millions of years to form; however, Lab-Grown Diamonds can be created within months. There’s no difference in them, neither in quality nor in existence; both are accepted as one, there’s no difference. Even in Twins, there are slight differences in nature and buildup, but there’s Zero Difference between mined and Lab Diamonds.
Why India should value Lab-Grown Diamonds?
India has been known as the big market for Diamond jewelry since ancient times, and even now, it is the leading global hub for polishing and cutting diamonds. For centuries, India’s jewelry market has grown rapidly because of its cultural existence, weddings, festivals, and the symbol of status that only India has. Diamonds are one of the main things every day in each segment, or the USP.
Diamonds’ value, recognition, and acceptance are beyond imagination. In India, they’re a sort of status symbol, too. Let’s understand three main points about why India should value Lab-Grown Diamonds.
- Environmental Awareness –
We all know that mined diamonds are the reasons behind deforestation, the expense of mining, and hazards to Nature and Mother Earth. Moreover, each diamond has a date, which generally becomes a heated debate about its origin. In contrast, LGDs can be created inside four walls and are traceable to their origins.
- Sensitivity in Pricing and Customers –
The primary market in India for LGDs is millennials and Gen Zs, who are experimental—they want to check everything in their everyday lives. They are value-conscious, and LGDs are much cheaper than Mined Diamonds, which cost per carat. LGDs can be moulded into aspiration designs within the buyers’ budget, and that’s the main reason they are in demand.
- Potential in Manufacturing and Exports –
India can become a leading exporter of polished, set, finished, and cut Lab-Grown Diamonds because it has the talent and finest diamond processing and jewelry manufacturing skills. Demand for LGDs is skyrocketing globally, and India can leverage its cost-effectiveness, competitiveness, and supply-chain expertise to become the leading player.
Their Cultural Acceptance
When we hear the word “Wedding,” we think of jewelry purchases and sharing, a segment we have been watching for decades. Weddings are the prominent time when jewelry sales peak in India. Diamonds are considered a symbolic measure more than a financial status. Nowadays, unlike our seniors and early adopters of LGDs, we don’t save funds for weddings, homes, and expenses, but more for bridal collections.
Yes, nowadays, as the present generation is fast decision makers, they completely normalise Lab-Grown diamonds as stones to be used in collections or as gifts. This broad shift is due to the rapid acceptance and similarities of LGDs.
Lab-grown diamonds aren’t just a topic but a trend and our future. Part 2 of LGDs will be published tomorrow, focusing on the Future Outlook of Lab-Grown Diamonds, the Industry’s present Indian Market Value, the CAGR, and their forecasted value after 10 years.
Part 1 explained Lab-Grown Diamonds and how the nation must value them. Part 2 will be published tomorrow. Until then, enjoy my previous writings from my Author Profile of Solsaga.
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