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India Lab Grown Diamond Jewelry Market Outlook (2023 to 2033)

The India lab grown diamond jewelry market was valued at US$ 264.5 million in 2022. Over the next ten years, lab grown diamond jewelry sales will rise at 14.8% CAGR. Total market size is set to increase from US$ 299.9 million in 2023 to 1,192.3 million by 2033.

Key Market Shaping Factors:

  • Growing focus on reducing environmental exploitation due to diamond mining will boost market
  • Increasing acceptance of lab grown diamond jewelry across India to boost sales
  • Rising export of lab grown diamond jewelry will elevate demand across India
  • Surge in working women population and increasing disposable income will spur market expansion
  • Pure and inexpensive nature of lab grown diamond jewelry will fuel sales over the next ten years
  • Favorable government initiatives will create opportunities for lab grown diamond manufacturers
  • Surging millennial population will trigger expansion of lab grown diamonds market

Lab grown diamonds are mostly high in terms of quality than mined diamonds. This is because they are created in controlled circumstances with continual monitoring and quality control. They are sustainable and environmentally friendly as they are not extracted from the ground.

Lab grown diamonds are made by using techniques such as chemical vapor deposition (CVD) and high pressure and high temperature (HPHT). They are identical to natural diamonds in their appearance and composition. These diamonds are also called as cultured diamonds and synthetic diamonds.

Increased acceptance of lab grown diamonds in fashion and jewelry sectors will boost the market. Growing usage of these diamonds in the industrial sector will propel demand for lab grown diamond jewelry.

Apart from being incredibly affordable, sustainable, and environmentally friendly, lab grown diamonds can be tailored and customized to meet specific needs. Their high purity also makes them better alternatives to conventional diamonds.

India holds a prominent value share in the South Asia lab grown diamond jewelry market. This is due to the fast-moving lifestyle of the resident population. Lifestyle changes and growing spending on premium & high-cost ornamental products are spurring growth in India market.

Development of new jewelry with different diamond introductions and launches on the back of growing consumer demand will boost India lab grown diamond jewelry industry.

Growing export of jewelry is another key factor boosting India lab grown diamond jewelry industry. As per the India Brand Equity Foundation (IBEF), gold and diamond trade contributed around 7.5% to India’s GDP in 2021.

Various initiatives are being taken by the Indian government for export promotion. For instance, it recently permitted 100% FDI, wherein foreign investors or Indian companies do not require any approval from the Government of India or RBI. This is making India a lucrative market for lab grown diamond jewelry companies.

The brand expansion strategy for the market is flexible and can change according to market parameters. Significant brand acquisition and collaborations for attracting a wider audience are help lab grown diamond manufacturers to increase their revenues.

Attribute Key Insights
India Lab Grown Diamond Jewelry Market Estimated Size (2023E) US$ 299.9 million
Projected Market Size (2033F) US$ 1,192.3 million
Value-based CAGR (2023 to 2033) 14.8%
Collective Value Share: Top 5 Countries (2022A) ~25% to 30%

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2018 to 2022 India Lab Grown Diamond Jewelry Sales Outlook Compared to Demand Forecast from 2023 to 2033

India lab grown diamond jewelry sales grew at 10.6% CAGR from 2018 to 2021. For the next ten years (2023 to 2033), demand for lab grown diamonds in India is set to surge at 14.8% CAGR.

Changing preference towards lab grown diamonds across India will drive the market forward. Besides this, rise in trade of lab grown diamond jewelry is likely to boost sales across India.

Since there is a moderately fragmented market, players across the nation are focusing on strengthening their partnerships with local players. They are strategically deploying prime distributors in local regions.

Rising integration of smart and high-end technology to manufacture complex and luxurious jewelry items is likely to remain a prevailing trait during the forecast period. Diamond jewelry in India is considered a prominent sales category with increasing demand from the women population. This is attributed to the increase in occasional activities, events, and festivities in the country.

Further, increase in disposable income and rising millennial population will propel lab grown diamond jewelry sales. In addition, growing popularity of polished lab grown diamonds will fuel sales across India.

Comparative View of Adjacent India Lab Grown Diamond Jewelry Market

The India lab grown diamond jewelry industry is set to be impacted by the peer, or tangential markets in the diamond product industry. On analysis of these related industries Future Market Insights has found profound insights that will help develop unique differentiating strategies to pursue growth and opportunity.

India Lab Grown Diamond Jewelry Market:

Attribute India Lab Grown Diamond Jewelry Market
CAGR (2023 to 2033) 14.8%
Market Value (2023) US$ 299.9 million
Growth Factor Growing trend of limiting environmental exploitation will boost India lab-grown diamond jewelry sector.
Key Trend Rising export of jewelry is likely to propel demand for lab grown diamonds in India.

Luxury Fine Jewelry Market:

Attribute Luxury Fine Jewelry Market
CAGR (2023 to 2033) 6.5%
Market Value (2023) US$ 48,670.50 Million
Growth Factor Increasing spending on high luxury items is driving the global luxury fine jewelry market.
Key Trend Changing buying behavior due to digital transformation to boast luxury fine jewelry sales.
Sneha Verghese
Sneha Verghese

Principal Consultant

Talk to Analyst

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Key Dynamics in India Lab grown Diamond Jewelry Industry

  • Growing Focus on Limiting Environmental Exploitation and Increasing Sustainability Boosting Market

People are becoming more aware of environmentally friendly methods in jewelry making. They are realizing the importance of lab grown diamond jewelry when it comes to sustainability.

Lab grown diamond jewelry causes very less harm to the environment as compared to mined ones. This is attracting environmentally friendly consumers towards lab grown diamonds and jewelry.

Thanks to sustainability and cost-effective advantages, lab grown diamond jewelry market is giving tough competition to the natural diamond market. Purchasers are gradually seeking eco-friendly items. Hence, they favor lab grown diamonds due to the negligible environmental effect.

Nowadays, buyers in the target market are highly curated for sustainable and environment-friendly products. As a result, there is an increase in the demand and growing potential for lab grown diamond in the country.

Further, such products also boost the welfare and cater to a brand’s responsibility for the sustainable manufacturing approach which is aiding in the expansion of the brand.

  • Changing Lifestyles of Working Women Fueling Demand for Lab Grown Diamond Jewelry

Women are increasingly venturing into starting companies and becoming independent, in addition to those entering the workforce. Working women are a vital consumer segment contributing significantly towards the growth India lab grown diamond jewelry market.

Lab grown diamond jewelry is becoming a more affordable and preferred choice for women. The women are getting attracted to new and creative designs and are inclined towards purchasing jewelry matching their outfits.

High-profile and high-paying jobs translate into higher levels of disposable income. Another factor driving the demand for lab grown diamond jewelry is the growing importance of appearance at work and the desire to look and feel good.

Apart from that, the trend of wearing expensive jewelry at marriages, functions, and other festivals has been popular for ages and with the new generation it is growing significantly. This will positively influence lab grown diamond jewelry sales.

  • Lab Grown Diamond Promising to Become an Important Value Added Product

Processing is the most significant stage in the diamond distribution network. This is because it is here that the most value is added. Processing facilities in Belgium, Israel, India, China, South Africa, New York, and Thailand compete for supplies of high-quality diamonds.

Today, diamond producers process their high-quality rough diamonds across worldwide markets. But India can simply position itself as a developed diamond processing base, serving consumer and commercial markets. It can move its cutting and polishing industry up the value chain, therefore increasing revenues.

Key Trends Influencing Lab Grown Diamond Jewelry Sales in India

  • Surge in Export of Polished Lab grown Diamonds from India Boosting Sales:

There is a huge surge in lab grown diamond exports where India alone has witnessed exports worth $443 million. As per Future Market Insights’ analysis, lab grown diamond exports increased by 60% y-o-y growth while there was a sharp decrease in natural diamond exports by 40% y-o-y.

Lab grown diamonds, however, hold a very lesser share in the market. But the Finance Department in India is focusing on promoting exports and simultaneously reducing custom duty on the diamond seeds used for manufacturing. This will bode well for India lab grown diamond jewelry industry.

  • Cost-effective Feature of Lab Grown Diamond Jewelry Making it More Affordable

Lab grown diamonds are more affordable when it comes to jewelry. There have been multiple research setups for encouraging the production of seeds and machines which will reduce dependency on imports.

There have also been technological advancements in lab grown diamonds which are encouraging new people to join the LGD business. These advancements are making the process easier and cost-effective.

As per the recent observation, it is established that there is a growing awareness about lab grown diamonds having similar characteristics to natural diamonds. Due to their cheaper cost, lab grown diamonds are not only restricted to high-end consumers.

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Category-wise Insights

Which Application is Generating Lucrative Revenues for Indian Lab Grown Diamond Jewelry Manufacturers?

Necklaces and Rings Generating Most Revenues in India Lab Grown Diamond Jewelry Industry

In recent years, there has been an increase in demand for lab grown diamonds grown across India. There are several jewelry merchants providing varieties of designs and settings in lab grown diamond jewelry.

Lab grown diamond jewelry can be a preference as these are morally superior and has a distinctive range in terms of product offerings. This type of jewelry doesn’t cause issues as they are produced in the laboratory.

By application, necklaces and rings are the most preferred jewelry type each with a share of 26% out of all its application types. Compared to regular diamonds they require less maintenance as they are environmentally friendly. Thus, necklaces and rings obtained from lab grown diamonds are preferred as these come under the category of favorite jewelry as well.

Which Formation Technique is Preferred by Lab Grown Diamond Jewelry Manufacturers?

Manufacturers Prefer Chemical Vapor Deposition Technique

There are two main techniques used for making lab grown diamond jewelry. This includes high pressure and high temperature (HPHT) and chemical vapor deposition (CVD).

Nowadays, diamonds are made by CVD as a part of newer development. The process imitates diamond formation through interstellar gas clouds. The reason why CVD is preferred is that because low temperature is required for its processing thus, the manufacturing process is simplified. Nearly 56% of the time, CVD technique is preferred for lab grown diamond formation.

Chemical vapor deposition technique allows companies to create high-quality and high-performance diamond jewelry. Hence, it is becoming quite popular across India.

Which Cut Type of Diamond is Mostly Used for Making Jewelry?

Faceted Style Diamond is Mostly Used for Making Diamond Jewelry

Diamond jewelry these days is becoming more of a trend and style statement as it looks glamorous and symbolizes a person’s unique taste and style. Faceted diamond is more preferred by customers as it gives a sophisticated look to the jewelry and has proper finishing.

Although both cut types hold special significance, faceted diamond jewelry is preferred more, and nearly 56% of preference is for faceted type. This is because they are encrusted with gems, precious stones, crystals, and gemstones and have a proper finish.

Competitive Landscape

The entrance of new rivals in the lab grown diamond jewelry market has caused an abundance of retailers for the suppliers. The market is a highly competitive retailing industry. This rivalry has an impact on the overall long-term profitability of companies in the market. Collaborating with rivals to enhance market size rather than competing for a smaller market can help address this issue. Existing competitors compete fiercely in the market.

For instance:

  • Rohin Diamonds has grown to be one of the leading suppliers of loose CVD diamonds in the Netherlands. Also, the company is now established as one of the key wholesalers of cultured diamonds in the Netherlands.
  • Ananta is a relatively new player in the lab grown diamonds market; its key presence is in India. To increase its potential market, the company has undertaken various digital marketing strategies. Moreover, it uses social media platforms such as Instagram, Facebook, and Pinterest to attract more consumers.

Scope of the Report

Attribute Details
Estimated Market Size (2023) US$ 299.9 million
Projected Market Size (2033) US$ 1,192.3 million
Anticipated Growth Rate (2023 to 2033) 14.8% CAGR
Forecast Period 2023 to 2033
Historical Data Available for 2018 to 2022
Market Analysis US$ Million/Billion for Value and (‘000 Carat) for Volume
Key Regions Covered South Asia
Key Countries Covered India
Key Segments Covered
  • Application
  • Technique
  • Cut Type
  • Size
  • Region
Key Companies Profiled
  • Avtaara
  • Jewelbox
  • Limelight Lab Grown Diamonds Ltd.
  • SYNDIORA
  • Fiona Diamonds
  • Ananta
  • DiAi Designs
  • Maiora Diamond
  • Wondr Diamonds
  • Others
Report Coverage Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

India Lab Grown Diamond Jewelry Market by Category

By Application:

  • Bangles
  • Necklaces
  • Pendant
  • Earrings
  • Rings
  • Anklet
  • Broaches

By Technique:

  • Chemical Vapour Deposition
  • High - Pressure High Temperature

By Cut Type:

  • Faceted Style
  • Non-Faceted

By Size:

  • 0.3
  • 0.5
  • 1.00
  • 1.5
  • 2.00

By Region:

  • North
  • South
  • East
  • West

Frequently Asked Questions

What was the Market Size in 2022?

The market was valued at US$ 264.5 million in 2022.

What is Primarily Driving the Market?

Increasing acceptance of lab-grown diamond jewelry in India to boost sales.

What is the Leading Application of the Market?

Necklaces and rings generate the most revenue in India with a 26% market share.

Which Cut Type of Diamond is mostly used for Making Jewelry?

Faceted style diamond is mostly used with 56% share.

What is the Key Trend of the Market?

The surge in the export of polished lab-grown diamonds from India boosted sales.

Table of Content

1. Executive Summary | India Lab Grown Diamond Jewelry Market 

    1.1. India Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Product Evolution Analysis

    1.5. FMI Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Product Innovation / Development Trends

4. Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033

    4.1. Historical Market Volume ('000 Carats) Analysis, 2018 to 2022

    4.2. Current and Future Market Volume ('000 Carats) Projections, 2023 to 2033

    4.3. Y-o-Y Growth Trend Analysis

5. Market - Pricing Analysis

    5.1. Regional Pricing Analysis By Application

    5.2. Pricing Break-up

        5.2.1. Manufacturer Level Pricing

        5.2.2. Distributor Level Pricing

    5.3. Average Pricing Analysis Benchmark

6. Market Demand (in Value or Size in US$ Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033

    6.1. Historical Market Value (US$ Million) Analysis, 2018 to 2022

    6.2. Current and Future Market Value (US$ Million) Projections, 2023 to 2033

        6.2.1. Y-o-Y Growth Trend Analysis

        6.2.2. Absolute $ Opportunity Analysis

7. Market Background

    7.1. Market Industry Overview

    7.2. Industry Value and Supply Chain Analysis

        7.2.1. Profit Margin Analysis at each sales point

        7.2.2. List & role of key participants

            7.2.2.1. Manufacturers

            7.2.2.2. Distributors/Retailers

            7.2.2.3. List of Private Label Brands

    7.3. Forecast Factors - Relevance & Impact

        7.3.1. Top Companies Historical Growth

        7.3.2. Industry Assessment

        7.3.3. India Retail Sales Outlook

        7.3.4. Urbanization Growth Outlook

        7.3.5. Consumer Price Index

        7.3.6. Others

    7.4. PESTLE Analysis of Market

    7.5. Investment Feasibility Matrix of Market

    7.6. Porter’s Five Force Analysis

    7.7. Market Dynamics

        7.7.1. Drivers

        7.7.2. Restraints

        7.7.3. Opportunity Analysis

8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Application

    8.1. Introduction / Key Findings

    8.2. Historical Market Size (US$ Million) and Volume Analysis By Application, 2018 to 2022

    8.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Application, 2023 to 2033

        8.3.1. Bangles

        8.3.2. Necklaces

        8.3.3. Pendant

        8.3.4. Earrings

        8.3.5. Rings

        8.3.6. Anklet

        8.3.7. Broaches

    8.4. Market Attractiveness Analysis by Application

9. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Technique

    9.1. Introduction / Key Findings

    9.2. Historical Market Size (US$ Million) and Volume Analysis By Technique, 2018 to 2022

    9.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Technique, 2023 to 2033

        9.3.1. Chemical Vapor Deposition

        9.3.2. High - Pressure High Temperature

    9.4. Market Attractiveness Analysis by Technique

10. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Cut Type

    10.1. Introduction / Key Findings

    10.2. Historical Market Size (US$ Million) and Volume Analysis by Cut Type, 2018 to 2022

    10.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast by Cut Type, 2023 to 2033

        10.3.1. Faceted Style

        10.3.2. Non-Faceted

    10.4. Market Attractiveness Analysis by Cut Type

11. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Size

    11.1. Introduction / Key Findings

    11.2. Historical Market Size (US$ Million) and Volume Analysis By Size, 2018 to 2022

    11.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Size, 2023 to 2033

        11.3.1. 0.3

        11.3.2. 0.5

        11.3.3. 1.00

        11.3.4. 1.5

        11.3.5. 2.00

    11.4. Market Attractiveness Analysis By Size

12. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region

    12.1. Introduction

    12.2. Historical Market Size (US$ Million) and Volume Analysis By Region, 2018 to 2022

    12.3. Current Market Size (US$ Million) and Volume Analysis and Forecast By Region, 2023 to 2033

        12.3.1. East

        12.3.2. West

        12.3.3. North

        12.3.4. South

    12.4. Market Attractiveness Analysis By Region

13. Market Structure Analysis

    13.1. Market Analysis by Tier of Companies

    13.2. Market Share Analysis of Top Players

    13.3. Market Presence Analysis

        13.3.1. By Regional Footprint of Players

        13.3.2. Product Footprint by Players

14. Competition Analysis

    14.1. Competition Dashboard

    14.2. Competition Benchmarking

    14.3. Competition Deep Dive

        14.3.1. Avtaara

            14.3.1.1. Overview

            14.3.1.2. Product Portfolio

            14.3.1.3. Profitability by Market Segments (Application/Technique/Cut Type/Size/Region)

            14.3.1.4. Sales Footprint

            14.3.1.5. Strategy Overview

        14.3.2. Jewelbox

            14.3.2.1. Overview

            14.3.2.2. Product Portfolio

            14.3.2.3. Profitability by Market Segments (Application/Technique/Cut Type/Size/Region)

            14.3.2.4. Sales Footprint

            14.3.2.5. Strategy Overview

        14.3.3. Limelight Lab Grown Diamonds Ltd.

            14.3.3.1. Overview

            14.3.3.2. Product Portfolio

            14.3.3.3. Profitability by Market Segments (Application/Technique/Cut Type/Size/Region)

            14.3.3.4. Sales Footprint

            14.3.3.5. Strategy Overview

        14.3.4. SYNDIORA

            14.3.4.1. Overview

            14.3.4.2. Product Portfolio

            14.3.4.3. Profitability by Market Segments (Application/Technique/Cut Type/Size/Region)

            14.3.4.4. Sales Footprint

            14.3.4.5. Strategy Overview

        14.3.5. Fiona Diamonds

            14.3.5.1. Overview

            14.3.5.2. Product Portfolio

            14.3.5.3. Profitability by Market Segments (Application/Technique/Cut Type/Size/Region)

            14.3.5.4. Sales Footprint

            14.3.5.5. Strategy Overview

        14.3.6. Ananta

            14.3.6.1. Overview

            14.3.6.2. Product Portfolio

            14.3.6.3. Profitability by Market Segments (Application/Technique/Cut Type/Size/Region)

            14.3.6.4. Sales Footprint

            14.3.6.5. Strategy Overview

        14.3.7. DiAi Designs

            14.3.7.1. Overview

            14.3.7.2. Product Portfolio

            14.3.7.3. Profitability by Market Segments (Application/Technique/Cut Type/Size/Region)

            14.3.7.4. Sales Footprint

            14.3.7.5. Strategy Overview

        14.3.8. Maiora Diamond

            14.3.8.1. Overview

            14.3.8.2. Product Portfolio

            14.3.8.3. Profitability by Market Segments (Application/Technique/Cut Type/Size/Region)

            14.3.8.4. Sales Footprint

            14.3.8.5. Strategy Overview

        14.3.9. Wondr Diamonds

            14.3.9.1. Overview

            14.3.9.2. Product Portfolio

            14.3.9.3. Profitability by Market Segments (Application/Technique/Cut Type/Size/Region)

            14.3.9.4. Sales Footprint

            14.3.9.5. Strategy Overview

        14.3.10. Others

            14.3.10.1. Overview

            14.3.10.2. Product Portfolio

            14.3.10.3. Profitability by Market Segments (Application/Technique/Cut Type/Size/Region)

            14.3.10.4. Sales Footprint

            14.3.10.5. Strategy Overview

15. Assumptions and Acronyms Used

16. Research Methodology

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List of Tables

Table 1: Market Value (US$ Million) Forecast, By Application, 2018 to 2033

Table 2: Market Volume ('000 Carats) Forecast, By Application, 2018 to 2033

Table 3: Market Value (US$ Million) Forecast, By Technique, 2018 to 2033

Table 4: Market Volume ('000 Carats) Forecast, By Technique, 2018 to 2033

Table 5: Market Value (US$ Million) Forecast, By Size, 2018 to 2033

Table 6: Market Volume ('000 Carats) Forecast, By Size, 2018 to 2033

Table 7: Market Value (US$ Million) Forecast, By Cut Type, 2018 to 2033

Table 8: Market Volume ('000 Carats) Forecast, By Cut Type, 2018 to 2033

Table 9: Market Value (US$ Million) Forecast, By Region, 2018 to 2033

Table 10: Market Volume ('000 Carats) Forecast, By Region, 2018 to 2033
Sneha Verghese
Sneha Verghese

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

List of Charts

Figure 01: Market Value (US$ Million) and Volume ('000 Carats) Analysis, 2018 to 2022

Figure 02: Market Value (US$ Million) and Volume ('000 Carats) Forecast, 2023 to 2033

Figure 03: Market Value (US$ Million) and Volume

Figure 04: Market Value (US$ Million) and Volume

Figure 05: Market Absolute $ Opportunity (US$ Million), 2023 to 2033

Figure 06: Market Value (US$ Million) By Application, 2018 to 2033

Figure 07: Market Volume ('000 Carats) By Application, 2018 to 2033

Figure 08: Market Y-o-Y Growth (%) Projections by Application, 2023 to 2033

Figure 09: Market Attractiveness by Application, 2023 to 2033

Figure 10: Market Value (US$ Million) by Technique, 2018 to 2033

Figure 11: Market Volume ('000 Carats) by Technique, 2018 to 2033

Figure 12: Market Y-o-Y Growth (%) Projections by Technique, 2023 to 2033

Figure 13: Market Attractiveness by Technique, 2023 to 2033

Figure 14: Market Value (US$ Million) by Size, 2018 to 2033

Figure 15: Market Volume ('000 Carats) by Size, 2018 to 2033

Figure 16: Market Y-o-Y Growth (%) Projections by Size, 2023 to 2033

Figure 17: Market Attractiveness by Size, 2023 to 2033

Figure 18: Market Value (US$ Million) By Cut Type, 2018 to 2033

Figure 19: Market Volume ('000 Carats) By Cut Type, 2018 to 2033

Figure 20: Market Y-o-Y Growth (%) Projections By Cut Type, 2023 to 2033

Figure 21: Market Attractiveness By Cut Type, 2023 to 2033

Figure 22: Market Value (US$ Million) by Region, 2018 to 2033

Figure 23: Market Volume ('000 Carats) by Region, 2018 to 2033

Figure 24: Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033

Figure 25: Market Attractiveness by Region, 2023 to 2033

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India Lab Grown Diamond Jewelry Market