Lab grown diamond business Greenlab Diamonds has reported a 400% year on year increase in volume as Indian consumers are increasingly embracing lab grown diamond jewellery due to its affordability and traceability.
“We’ve grown at 400% year on year in [terms of] volume,” Greenlab Diamonds’ director Smit Patel told AFP. “Once the customer sees it for herself, they are sold… I believe this is the future. It’s the same product, it’s the same chemical, the same optical properties.”
Greenlab Diamonds is also focusing on increasing sustainable production processes, according to Patel. The business uses solar energy from the local grid and highlights the fully traceable nature of lab grown diamonds in its marketing campaigns, especially those centring on engagement rings.
India’s natural diamond industry has experienced challenges due to global factors such as the Ukraine- Russia conflict and the economies of other countries. Conversely, India’s lab grown diamond exports have grown by 42% year on year from April 2023 to October 2023, according to the Gem and Jewellery Export Promotion Council. However, the industry is not immune to challenges as the increasing supply of lab grown diamonds has caused wholesale prices to drop significantly in recent months, ET Bureau reported.
Greenlab Diamonds is based in Surat and has an over 50 year history, according to its website. The business counts over 3,500 employees.
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