Lab-Grown

India: An Emerging Source for Lab-Grown Diamonds, Jewelry

Lab-GrownMar 16, 2022

India: An Emerging Source for Lab-Grown Diamonds, Jewelry

CVD diamond growers and jewelry manufacturers will help India consolidate its competitive advantages in diamonds and jewelry manufacturing.

202220309_CVD growing process.png
Nine seeds in a CVD reactor may not grow uniformly. Product consistency is therfore of utmost importance in the growing of Lab Grown Diamonds. Image courtesy of ALTR
Mumbai—The demand for lab-grown diamonds and diamond jewelry continues to grow, with companies in India — long a cutting and polishing center for natural stones — poised to become key players in the market.

Estimates on what percentage of the diamond market lab-grown stones currently comprise vary. In a recent interview with National Jeweler, industry analyst Paul Zimnisky put global lab-grown diamond jewelry sales at $5.9 billion last year, making up 7-8 percent of the market.

He estimates global lab-grown diamond jewelry sales could top $8 billion in 2022, approaching 10 percent of the total diamond jewelry market, and near the $10 billion mark by 2023.

Diamonds below smaller than 2 carats are estimated to grow the fastest, with growth in the CVD segment outpacing HPHT. 

The colored lab-grown diamond market, meanwhile, is predicted to grow at a CAGR of 10.2 percent.

According to the Gem & Jewellery Export Promotion Council, India exported $1.05 billion worth of polished lab-grown diamonds from April 2021 to January 2022, registering growth of nearly 113 percent.

India exports mainly CVD diamonds and diamond studded diamond-set jewelry using both HPHT and CVD diamonds. Most of the HPHT rough used for jewelry manufacturing is imported from China. 

Growers are investing in, and mastering, the new CVD technology to ramp up the production.

Surat, the world leader in diamond cutting and polishing, has in recent times, witnessed a growing number of CVD diamond manufacturers in recent years. 

Abhishek Saraiya, vice president of diamond company Meraya, diamonds estimates there are 2,500 active reactors in India, predominantly in Surat, and a few in Jaipur and Mumbai. 

“The average monthly output of a typical reactor is 125 carats and costs $175,000. The most commonly used reactor is Japan’s Seki,” he said.

One of the leading manufacturers in Jaipur with an installed base of 80 reactors is Real Illusion LLP.

Director Anup Zaveri said the company has the capacity to grow certified diamonds from 0.5 to 5 carats.

Lumex DMCC has a diamond cutting, polishing and jewelry manufacturing unit in Surat. 

Founder Vishal Mehta said, “We use both HPHT and CVD diamonds for jewelry manufacturing. Being technology agnostic, we started with the former as it was the easiest available material. 

“The CVD business is becoming more transparent and with supplies improving, we now use both. Surat has 15 to 20 significant CVD growers with an installed base of 50 to 500 reactors.”

Anmol Bhansali, director of Goldiam International, shared his experience in the lab-grown diamond space. 

“We started growing diamonds at SEEPZ, Mumbai in 2015 and realized that the growing process of diamonds is quite different from the labor-oriented jewelry manufacturing. The high-tech business requires high-caliber talent, patience and commitment. During the first two years getting the product of desired quality, size and color was a challenge. In 2017 we would be lucky to grow round stones of 1 carat.”

Bhansali continued: “With sustained efforts and persistent experimentation, we were able to get the formula right. We can now produce polished diamonds of 2 carats easily. It is not uncommon to get a smooth production run for two months, followed by an output of cracked and broken stones. 

“Consistency is directly linked to profitability in this high fixed-cost business. We hope to increase our current production to 650 polished carats by April 2022. 

We grow, cut, polish diamonds, design and manufacture jewelry in-house that is distributed through our U.S. office. Vertical integration adds 20 percent to our bottom line.”

During the last few years of rapid growth, a short-term trading approach is prevalent in the industry, said Amish Shah, president of Altr. 

“I believe that owning the entire supply chain requires a long-term vision rather than just finance and talent. In the absence of vertically integrated players, the mid-stream segment in the lab-growth business will be under pressure as it did in the earth-mined category. 

“The fragmented supply chain of growers, distributors and retailers operating independently is inefficient. We have positioned Altr as an integrated lab-grown diamond and fine jewelry brand. Retailers are our partners, and we support them with branding and point-of-sale display material.” 

Mehta said Lumex’s skill sets are in cutting, polishing, manufacturing and wholesaling lab-grown diamond jewelry to select retailers in the U.S. as well as India. Indian retailer Orra is one of them.

20220309_Digital Library.jpg
Lumex.online portal’s SEARCH algorithm allows partners to search for the perfect diamond that meet their specific requirements.


“We focus on our strengths and aspire to be the best in our domain. Our partners can access our digital library Lumex.Online and access, with a single click, 3,000 options of white and colored lab-grown diamonds. A natural vivid blue or pink diamond could be priced at $1 million per carat while its lab-grown diamond counterpart is available at a fraction of its cost,” he said. 

While Goldiam, Altr and Lumex are integrating their upstream and midstream operations, companies like Renaissance Global and Orra have adopted a D2C direct-to-consumer approach.

SEEPZ Mumbai-headquartered Renaissance has taken a digital-only route to launch its exclusive lab-grown diamond jewelry portal for the millennial consumer.

20220309_Divaa LGD store.jpg
With three exclusive LGD stores in Mumbai, Pune and Bangalore up and running, Divaa enjoys a prime mover advantage in the Indian market.
Orra’s sub-brand, Divaa, is among the first companies in the world to launch a network of exclusive lab-grown diamond jewelry boutiques. Its online portal gives Divaa an omnichannel presence.

Experts expect that the current growth phase will be followed by price stabilization leading to consolidation, mergers and acquisitions in the industry.

Note: This story was completed for publication in the special India Diamond Report newsletter prior to Russia’s invasion of Ukraine and the U.S.’s subsequent ban on Russian diamonds on March 11.

The Latest

Mike Alexander
MajorsAug 01, 2025
Jewelers Mutual Names Mike Alexander as President

The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.

 Gemfields rough rubies
SourcingAug 01, 2025
Gemfields’ Auction Revenue Drops 50% in H1

The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.

Signet Jewelers logo
MajorsAug 01, 2025
Helzberg President Julie Yoakum Moves Over to Signet Jewelers

The addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Hernsdorf Tears of Aphrodite Necklace
CollectionsAug 01, 2025
Piece of the Week: Hernsdorf’s ‘Tears of Aphrodite’ Necklace

The necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.

Weekly QuizJul 31, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Stock image of a polished diamonds being held by tweezers
SourcingJul 31, 2025
De Beers Records $189M First-Half Loss

The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.

Lindsey Scoggins Studio convertible flower earrings
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award Winners

Jewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Matthew Tratner, new president of Continental Buying Group
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President

Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.

Stock image of rough diamonds from the Kimberley mine
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says

The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.

Pomellato Mini London blue topaz and diamond bracelet
FinancialsJul 30, 2025
Kering's Jewelry Brands Resilient As H1 Sales Slide 16%

The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.

Zadok Rolex Austin
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in Austin

Its opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.

Crowd of people in a shopping mall
SurveysJul 30, 2025
Consumer Confidence Ticks Up in July

Respondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”

Making a Killing in Diamonds by Rob Bates
SourcingJul 30, 2025
Rob Bates to Release Latest Book in His ‘Diamond District Mystery’ Series

“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.

Tacori bezel-set diamond bands
EditorsJul 29, 2025
Out & About: Visiting Tacori’s Design Studio in LA

Senior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.

Mighty Fierce Audacious Necklace, Sandy Rubin Aziza Necklace, Koulianos Designs Illuminations Shield Pendant
Events & AwardsJul 29, 2025
Melee The Show Welcomes 15 New Designers

The first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.

Auctim emerald auction
SourcingJul 29, 2025
Auctim to Offer 7.3M+ Carats of Rough Emeralds

The online auction house’s September sale will feature rough Brazilian emeralds of various qualities.

AGS Board President for 2025-2026 Alexis Padis
MajorsJul 29, 2025
Alexis Padis Re-Elected AGS Board President

She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.

Stock image of shipping containers
Policies & IssuesJul 28, 2025
U.S.-EU Come to Agreement on Tariffs

Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.

Nanis Ipanema Collection Campaign
CollectionsJul 28, 2025
Nanis Brings a New Palette to ‘Ipanema’

A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.

Kevin O’ Leary and George Mayer of The 1916 Company
MajorsJul 28, 2025
The 1916 Company Partners with ‘Shark Tank’ Star’s Watch Insurance Platform

The retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.

Sissy’s new Little Rock store
IndependentsJul 28, 2025
Sissy’s Log Cabin to Open Flagship in Arkansas

The jeweler’s largest store yet is set to open in Little Rock next fall.

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Bulgari Celestial Mosaic spinel necklace
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

Mark and Candy Udell
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

De Beers marine mining vessel the SS Nujoma
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy