Lab Grown diamonds, once seen as a niche product, have quickly gained mainstream acceptance in India’s vibrant jewellery market. This blog presents a snapshot of the lab grown diamond jewellery market size in India vis-a-vis global and US market sizes. It also estimates the lab-grown diamond jewellery share as a percentage of the natural diamond jewellery market.
Indian Lab Grown Diamond Jewellery Market Size
India’s lab grown diamond jewellery market is estimated at $0.45 Billion in 2023-24, and is expected to reach $1.20 Billion by 2030-31, growing at a compounded annual growth rate (CAGR) of 14.8%.
The US is the largest market for lab grown diamond jewellery with 81% share of the global lab grown diamond jewellery market in 2023-24.
The high growth in the lab grown diamond jewellery market reflects both increased consumer awareness and a growing acceptance of lab grown diamonds as a viable alternative to natural diamonds.
Growth Drivers of Lab Grown Diamond Jewellery Market
- Technological advancements: Production of higher quality diamonds at a lower cost
- Affordability: Up to 90% cheaper than natural diamonds
- Value: Higher quality for the same budget
- Sustainable: Eco-friendly, ethically sourced
- Customization: Tailor-made options
- Govt. support: 100% FDI permitted
- Retail expansion: Increasing number of jewellery retailers have started to include lab grown diamond jewellery in their offerings, further legitimizing the market
- Celebrity Endorsements: Encouraging broader acceptance and breaking skepticism or stigma
Lab Grown Diamond Jewellery as % of Natural Diamond
Globally, lab grown diamond jewellery account for approximately 17.5% of the overall diamond jewellery market, but this share is rapidly increasing as consumer preferences shift and production technologies improve.
In India, the adoption of lab grown diamond jewellery is still emerging but growing at a faster pace. As of 2023, lab grown diamond jewellery is estimated to represent around 8.4% of the total diamond jewellery market in India. This percentage is expected to rise as awareness and acceptance of lab-grown diamonds continue to grow.
Conclusion
The future of lab grown diamond jewellery in India looks promising. As consumer preferences continue to shift towards ethical and sustainable options, and as technological advancements drive down costs, the market for lab-grown diamonds is expected to grow substantially. Retailers and manufacturers who embrace this trend early are likely to reap significant benefits.
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