Diamonds are not just symbols of love; they are also seen as investments and heirlooms meant to be passed down through generations. For decades, the industry has run on a singular narrative-rarity equalled value. But the arrival of lab-grown diamonds is rewriting those rules.&nbsp;Once viewed with scepticism and confusion, these man-made precious stones are rapidly finding a place in jewellery boxes across India. But is this shift only because of affordability? Let’s get the experts from the industry and find out.<h2>Have lab-grown diamonds become mainstream?</h2>"Consumer perception around lab-grown diamonds has evolved significantly over the last few years. Earlier, many buyers were hesitant because the category was new and not widely understood," says Nitesh Jain, Co-Founder, Ethera. "There was a belief that if a diamond wasn’t mined from the earth, it was somehow less valuable or less real. Today, consumers are far more informed and understand that lab-grown diamonds are real diamonds in every sense."&nbsp;Also Read: <a href="https://www.wionews.com/photos/inside-angelina-jolie-s-tattoo-collection-the-hidden-meanings-behind-her-buddhist-art-bengal-tiger-and-other-iconic-ink-1780567696059">Angelina Jolie’s tattoo collection: The hidden meanings behind her ink</a>&nbsp;He credits this changing perception to multiple factors, saying, "the growing awareness and support around the category is from both the industry and the government."He observes that "Younger buyers today are approaching jewellery very differently. They are prioritising wearability, design, value and transparency over the traditional idea of jewellery being bought only as a long-term store of value or something kept away in lockers."&nbsp;"We are also seeing customers become far more comfortable choosing bigger stones, customised designs and statement pieces through lab-grown diamonds because it gives them the freedom to buy what they genuinely love without the financial pressure traditionally associated with diamonds."&nbsp;For Lisa Mukhedkar, Founder and CEO, Aukera, awareness is the biggest reason behind the category’s growing momentum. "The most important driver is consumer education. As buyers learn that a lab-grown diamond is chemically, physically, optically indistinguishable to a mined diamond and ensures a far better quality, design variety, and value," she said. "Compared to mined diamonds, lab-grown diamonds are now perceived more favourably across almost every meaningful purchase driver—quality, design, modernity, trust and value for money. More tellingly, the gap has widened dramatically in just the last year."&nbsp;At the same time, brands across the category are witnessing a fundamental change in how consumers define luxury itself.&nbsp;As per Pallavi Mohadikar, Founder, Palmonas, "Lab-grown diamonds will continue to grow in popularity, especially among younger consumers who value great design, affordability, and modern ways of shopping. That said, I don’t think it’s about one replacing the other. Just like different categories in fashion and luxury coexist, both lab-grown and natural diamonds will appeal to different consumers and occasions."&nbsp;Nowadays, consumers are not asking whether one type of diamond is superior to the other. Instead, they are choosing what best fits their budget ,their values and their lifestyles.&nbsp;Also Read: <a href="https://www.wionews.com/trending/perimenopause-is-nasty-messy-and-will-make-you-miserable-here-is-what-nobody-tells-you-1780558799363">Perimenopause is nasty, messy and miserable. Here is what nobody tells you</a><h2>Debunking the myths</h2>Despite growing acceptance, misconceptions continue to surround lab-grown diamonds. Jain believes, "One of the biggest misconceptions consumers still have is around authenticity and long-term value. While awareness has improved, there is one misconception that still exists rooting from mined diamond and its pricing that consumers see it as an investment, which is far from true."&nbsp;As per the Rapaport Research Report, natural (mined) diamond prices have dropped significantly over the past three years, with rough and polished diamond values reducing roughly 25% to 30% from early 2022 highs. Many buyers still assume lab-grown diamonds are inferior because of their affordable pricing. In reality, they offer the same brilliance, quality, and durability as mined diamonds."&nbsp;"Another misconception is that some consumers assume lab-grown diamonds may lose their shine over time or are less long-lasting, which is not true," he adds. "Others continue to associate higher prices and mined diamonds with greater prestige or emotional value because that narrative has existed for decades."&nbsp;Mukhedkar says the nature of consumer questions has evolved over the years. "A few years ago, consumers often had questions around authenticity, quality, and whether lab-grown diamonds were ‘real’ diamonds. Today, awareness has grown significantly."&nbsp;She further adds, "The conversation is shifting away from myths and towards possibilities. Consumers are discovering that lab-grown diamonds enable far greater freedom in design, craftsmanship, and self-expression."&nbsp;Also Read: <a href="https://www.wionews.com/entertainment/lifestyle/when-a-headache-is-not-just-stress-red-flags-that-could-signal-brain-aneurysms-1780419931212">Brain aneurysm signs: When your headache is trying to tell you something serious</a>&nbsp;She also points to changing perceptions around buyback policies. "A perception of lab grown diamonds that floated around was that they do not hold a buyback or exchange value."<h2>Evolving definitions of prestige</h2>While lab-grown diamonds are increasingly embraced, natural diamonds continue to hold deep emotional and cultural significance for many buyers.&nbsp;"The main difference is their origin. Natural diamonds are formed beneath the Earth over billions of years, while lab-grown diamonds are created using advanced technology that replicates the same process. we see lab-grown diamonds as a way to make fine jewellery more accessible, allowing consumers to choose larger or higher-quality diamonds without compromising on beauty or craftsmanship,” says Mohadikar.&nbsp;She believes this distinction influences how consumers perceive the two categories. "We noticed, consumers perception comes from the significance of the diamonds. Natural diamonds have long been associated culture, prestige, milestones and heirlooms. Since natural diamonds are handpicked from nature they are considered to be rare which automatically increase’s their value. Where has lab-grown diamonds are carefully crafted using controlled technology. That said, consumer preferences are evolving."<h2>Changing values</h2>If diamonds have traditionally been associated with investment, lab-grown diamonds are prompting a different conversation. "The resale conversation around lab-grown diamonds needs to be looked at practically rather than emotionally. Yes, lab-grown diamonds do hold value, but consumers should not approach them in the same way they think about gold appreciation or traditional investment assets. In reality, natural diamonds cost 26% less in shops than two years ago," Jain explains.&nbsp;Also Read: <a href="https://www.wionews.com/entertainment/lifestyle/the-problem-with-instagram-therapy-why-30-second-healing-is-making-us-less-emotionally-wise-1780403895813">The problem with Instagram therapy: What 30-second healing is doing to us</a>&nbsp;He argues that, "Where lab-grown diamonds genuinely stand out is in the value consumers receive at the time of purchase itself. For the same budget that may get someone a smaller mined diamond, they can often buy a significantly larger lab-grown diamond of the same or even better quality, color and clarity as lab grown diamonds are made in controlled environments. At the same time, consumer behaviour around jewellery is also evolving."<h2>Future of lab-grown diamonds</h2>Industry stakeholders agree that the coming decade could be transformative for the category. "Over the next decade, we see lab-grown diamonds becoming a far more mainstream category in India rather than a niche alternative."&nbsp;Mukhedkar echoes that sentiment, and says, "We expect consumer education and adoption of lab-grown diamonds to accelerate significantly over the next decade. As buyers become more informed and value-conscious, demand will increasingly shift toward diamonds that offer exceptional quality, design, and transparency."&nbsp;Mohadikar, too, believes the future is one of coexistence rather than competition. "Lab-grown diamonds will continue to grow in popularity, especially among younger consumers who value great design, affordability, and modern ways of shopping. That said, I don’t think it’s about one replacing the other."&nbsp;"The jewellery industry is navigating a period of global economic uncertainty, with consumers becoming more thoughtful about how they spend on luxury," says Mukhedkar.As India’s consumers increasingly seek jewellery that reflects not just status but identity, lab-grown diamonds appear poised to carve out a permanent place in the market.As India’s consumers increasingly seek jewellery that reflects not just status but identity, lab-grown diamonds appear poised to carve out a permanent place in the market.&nbsp;

Lab-grown diamonds are gradually becoming mainstream. Once viewed with scepticism and confusion, LGD have now found a place among the youngsters. Industry experts explain why these diamonds are becoming a popular choice.

Diamonds are not just symbols of love; they are also seen as investments and heirlooms meant to be passed down through generations. For decades, the industry has run on a singular narrative-rarity equalled value. But the arrival of lab-grown diamonds is rewriting those rules. Once viewed with scepticism and confusion, these man-made precious stones are rapidly finding a place in jewellery boxes across India. But is this shift only because of affordability? Let’s get the experts from the industry and find out. Have lab-grown diamonds become mainstream? "Consumer perception around lab-grown diamonds has evolved significantly over the last few years. Earlier, many buyers were hesitant because the category was new and not widely understood," says Nitesh Jain, Co-Founder, Ethera. "There was a belief that if a diamond wasn’t mined from the earth, it was somehow less valuable or less real. Today, consumers are far more informed and understand that lab-grown diamonds are real diamonds in every sense." Also Read: Angelina Jolie’s tattoo collection: The hidden meanings behind her ink He credits this changing perception to multiple factors, saying, "the growing awareness and support around the category is from both the industry and the government." He observes that "Younger buyers today are approaching jewellery very differently. They are prioritising wearability, design, value and transparency over the traditional idea of jewellery being bought only as a long-term store of value or something kept away in lockers." "We are also seeing customers become far more comfortable choosing bigger stones, customised designs and statement pieces through lab-grown diamonds because it gives them the freedom to buy what they genuinely love without the financial pressure traditionally associated with diamonds." For Lisa Mukhedkar, Founder and CEO, Aukera, awareness is the biggest reason behind the category’s growing momentum. "The most important driver is consumer education. As buyers learn that a lab-grown diamond is chemically, physically, optically indistinguishable to a mined diamond and ensures a far better quality, design variety, and value," she said. "Compared to mined diamonds, lab-grown diamonds are now perceived more favourably across almost every meaningful purchase driver—quality, design, modernity, trust and value for money. More tellingly, the gap has widened dramatically in just the last year." At the same time, brands across the category are witnessing a fundamental change in how consumers define luxury itself. As per Pallavi Mohadikar, Founder, Palmonas, "Lab-grown diamonds will continue to grow in popularity, especially among younger consumers who value great design, affordability, and modern ways of shopping. That said, I don’t think it’s about one replacing the other. Just like different categories in fashion and luxury coexist, both lab-grown and natural diamonds will appeal to different consumers and occasions." Nowadays, consumers are not asking whether one type of diamond is superior to the other. Instead, they are choosing what best fits their budget ,their values and their lifestyles. Also Read: Perimenopause is nasty, messy and miserable. Here is what nobody tells you Debunking the myths Despite growing acceptance, misconceptions continue to surround lab-grown diamonds. Jain believes, "One of the biggest misconceptions consumers still have is around authenticity and long-term value. While awareness has improved, there is one misconception that still exists rooting from mined diamond and its pricing that consumers see it as an investment, which is far from true." As per the Rapaport Research Report, natural (mined) diamond prices have dropped significantly over the past three years, with rough and polished diamond values reducing roughly 25% to 30% from early 2022 highs. Many buyers still assume lab-grown diamonds are inferior because of their affordable pricing. In reality, they offer the same brilliance, quality, and durability as mined diamonds." "Another misconception is that some consumers assume lab-grown diamonds may lose their shine over time or are less long-lasting, which is not true," he adds. "Others continue to associate higher prices and mined diamonds with greater prestige or emotional value because that narrative has existed for decades." Mukhedkar says the nature of consumer questions has evolved over the years. "A few years ago, consumers often had questions around authenticity, quality, and whether lab-grown diamonds were ‘real’ diamonds. Today, awareness has grown significantly." She further adds, "The conversation is shifting away from myths and towards possibilities. Consumers are discovering that lab-grown diamonds enable far greater freedom in design, craftsmanship, and self-expression." Also Read: Brain aneurysm signs: When your headache is trying to tell you something serious She also points to changing perceptions around buyback policies. "A perception of lab grown diamonds that floated around was that they do not hold a buyback or exchange value." Evolving definitions of prestige While lab-grown diamonds are increasingly embraced, natural diamonds continue to hold deep emotional and cultural significance for many buyers. "The main difference is their origin. Natural diamonds are formed beneath the Earth over billions of years, while lab-grown diamonds are created using advanced technology that replicates the same process. we see lab-grown diamonds as a way to make fine jewellery more accessible, allowing consumers to choose larger or higher-quality diamonds without compromising on beauty or craftsmanship,” says Mohadikar. She believes this distinction influences how consumers perceive the two categories. "We noticed, consumers perception comes from the significance of the diamonds. Natural diamonds have long been associated culture, prestige, milestones and heirlooms. Since natural diamonds are handpicked from nature they are considered to be rare which automatically increase’s their value. Where has lab-grown diamonds are carefully crafted using controlled technology. That said, consumer preferences are evolving." Changing values If diamonds have traditionally been associated with investment, lab-grown diamonds are prompting a different conversation. "The resale conversation around lab-grown diamonds needs to be looked at practically rather than emotionally. Yes, lab-grown diamonds do hold value, but consumers should not approach them in the same way they think about gold appreciation or traditional investment assets. In reality, natural diamonds cost 26% less in shops than two years ago," Jain explains. Also Read: The problem with Instagram therapy: What 30-second healing is doing to us He argues that, "Where lab-grown diamonds genuinely stand out is in the value consumers receive at the time of purchase itself. For the same budget that may get someone a smaller mined diamond, they can often buy a significantly larger lab-grown diamond of the same or even better quality, color and clarity as lab grown diamonds are made in controlled environments. At the same time, consumer behaviour around jewellery is also evolving." Future of lab-grown diamonds Industry stakeholders agree that the coming decade could be transformative for the category. "Over the next decade, we see lab-grown diamonds becoming a far more mainstream category in India rather than a niche alternative." Mukhedkar echoes that sentiment, and says, "We expect consumer education and adoption of lab-grown diamonds to accelerate significantly over the next decade. As buyers become more informed and value-conscious, demand will increasingly shift toward diamonds that offer exceptional quality, design, and transparency." Mohadikar, too, believes the future is one of coexistence rather than competition. "Lab-grown diamonds will continue to grow in popularity, especially among younger consumers who value great design, affordability, and modern ways of shopping. That said, I don’t think it’s about one replacing the other." "The jewellery industry is navigating a period of global economic uncertainty, with consumers becoming more thoughtful about how they spend on luxury," says Mukhedkar. As India’s consumers increasingly seek jewellery that reflects not just status but identity, lab-grown diamonds appear poised to carve out a permanent place in the market. As India’s consumers increasingly seek jewellery that reflects not just status but identity, lab-grown diamonds appear poised to carve out a permanent place in the market.

Lab-grown diamonds are gradually becoming mainstream. Once viewed with scepticism and confusion, LGD have now found a place among the youngsters. Industry experts explain why these diamonds are becoming a popular choice.

Are lab-grown diamonds the future of fine jewellery? Here's what experts say

In this report of Tech It Out, find out why Lab-grown diamonds are revolutionising the industry, and gaining widespread popularity.

Can lab-grown gems replace real ones? | Tech It Out

As the festive season rolls on with Diwali around the corner, the diamond business in India is witnessing a major trend. While the traditional diamond polishing business in Surat is suffering amid the current geopolitical landscape and the Russia-Ukraine war, lab-grown diamonds (LGDs) are emerging as popular alternatives to natural diamonds. &nbsp;

The situation in Surat &nbsp;

As per media reports, the diamond business in Surat is seeing a notable decline, as the Ukraine War has disrupted the supply of rough diamonds. &nbsp;

An ANI report quoted Dinesh Navadia, the Regional Chairman of the Gems and Jewellery Export Promotion Council, as saying that prior to the war in Ukraine, approximately 1.75 lakh carats of raw materials used to enter Surat from Russia.&nbsp;

The current situation has, however, resulted in a scarcity of essential raw materials. &nbsp;

Navadia pointed out that a substantial portion, ranging from 30 to 35 per cent of rough diamonds imported from Russia' Alrosa, typically find their way to the Indian market for cutting and polishing, with Surat and Mumbai being key centres for these activities. &nbsp;

Diamond businesses in Surat have still not recovered, threatening the livelihoods of local artisans.&nbsp;

Trade associations such as the Gems and Jewellery Export Promotion Council (GJEPC) are still working to open up new markets in West Asia and the Far East. &nbsp;

Despite receiving interest from potential buyers in Hong Kong and Dubai, the demand for Indian products remained low due to the geopolitical situation.&nbsp;

With the initial scarcity of raw materials and the present slump in demand for natural diamonds, LGDs have begun to thrive in the Indian market. &nbsp;

The LGD landscape &nbsp;&nbsp;

According to an Economic Times report, industry experts anticipate that LGDs would sell more during this festive season, driven by increasing consumer acceptance. Manufacturers have introduced buyback programs, and the retail network is expanding, which is likely to lead to a significant year-on-year growth of up to 60 per cent during this period. &nbsp;

Notably, lab-grown diamonds are no longer limited to the 18-35 age groups, as even high-net-worth individuals (HNIs) have developed an interest in them. Previously, lab-grown diamonds were primarily favoured by the younger demographic, who found them more affordable than natural diamonds. &nbsp;

According to Lisa Mukhedkar, the founder and CEO of Aukera, LGDs have emerged as “the choice” for their cut, colour, clarity, and carat weight. They have also become a sustainable option for environmentally conscious consumers, she said.&nbsp;

On a similar note, Abheek Mehta, the Co-founder of Amal Jewels, mentioned that lab-grown diamonds are identical in terms of their physical and chemical properties, including their designs. He also noted that the primary distinction lies in the pricing, with the price difference increasing as the size of the diamond becomes larger. According to him, lab-grown diamonds are typically 50-60 per cent more affordable.&nbsp;

The current trend &nbsp;

“The demand for natural diamonds is slowing down since lab grown diamonds are a cheaper substitute with the exact same qualities," Mehta said.

“Natural diamonds are not doing well even in international markets like the US and China,” he noted.&nbsp;

Commenting on the differences in price, Lisa Mukhedkar said, “Smaller stones come at 60 to 70 per cent of the cost of their mined counterparts, and for larger carats and fancy shapes, the savings can be as high as 80 per cent. This makes it a sound investment choice.”&nbsp;

Mehta said the one-carat LGD rings are being sold for about 50-60 thousand rupees, while natural diamonds would cost about 6-7 lakh rupees.

Previous reports suggest that the market for LGDs is thriving due to the current geopolitical situation and the limited supply of diamonds from Russia. However, Mukhedkar also attributed the LGDs’ increasing popularity to the expansion of the “solitaire market”, notably in the USA, which in turn has sparked a similar trend in India. &nbsp;

During the ongoing festive season, Mehta is optimistic about the sales for LGDs. “Considering that we’ve seen a lot of enquiries and sales during the festive season, we expect strong sales during this period until Diwali,” he said. &nbsp;

Mukhedkar said that the festive season is likely to witness increased sales of LGDs as they provide better value to customers. “Furthermore, customer awareness about the advantages of grown diamonds is leading to increased demand,” she added. &nbsp;

Speaking of the anticipated trends in the diamond market, Mehta of Amal Jewels&nbsp;said, “There may be a few rare natural diamonds that are bigger in size which will be priced appropriately to their value. However, LGDs are set to replace diamond jewellery that is worn on a daily basis.”&nbsp;

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As the festive season rolls on with Diwali around the corner, the diamond business in India is witnessing a major trend. While the traditional diamond polishing business in Surat is suffering amid the current geopolitical landscape and the Russia-Ukraine war, lab-grown diamonds (LGDs) are emerging as popular alternatives to natural diamonds.

As the festive season rolls on with Diwali around the corner, the diamond business in India is witnessing a major trend. While the traditional diamond polishing business in Surat is suffering amid the current geopolitical landscape and the Russia-Ukraine war, lab-grown diamonds (LGDs) are emerging as popular alternatives to natural diamonds. The situation in Surat As per media reports, the diamond business in Surat is seeing a notable decline, as the Ukraine War has disrupted the supply of rough diamonds. An ANI report quoted Dinesh Navadia, the Regional Chairman of the Gems and Jewellery Export Promotion Council, as saying that prior to the war in Ukraine, approximately 1.75 lakh carats of raw materials used to enter Surat from Russia. The current situation has, however, resulted in a scarcity of essential raw materials. Navadia pointed out that a substantial portion, ranging from 30 to 35 per cent of rough diamonds imported from Russia' Alrosa, typically find their way to the Indian market for cutting and polishing, with Surat and Mumbai being key centres for these activities. Diamond businesses in Surat have still not recovered, threatening the livelihoods of local artisans. Trade associations such as the Gems and Jewellery Export Promotion Council (GJEPC) are still working to open up new markets in West Asia and the Far East. Despite receiving interest from potential buyers in Hong Kong and Dubai, the demand for Indian products remained low due to the geopolitical situation. With the initial scarcity of raw materials and the present slump in demand for natural diamonds, LGDs have begun to thrive in the Indian market. The LGD landscape According to an Economic Times report, industry experts anticipate that LGDs would sell more during this festive season, driven by increasing consumer acceptance. Manufacturers have introduced buyback programs, and the retail network is expanding, which is likely to lead to a significant year-on-year growth of up to 60 per cent during this period. Notably, lab-grown diamonds are no longer limited to the 18-35 age groups, as even high-net-worth individuals (HNIs) have developed an interest in them. Previously, lab-grown diamonds were primarily favoured by the younger demographic, who found them more affordable than natural diamonds. According to Lisa Mukhedkar, the founder and CEO of Aukera, LGDs have emerged as “the choice” for their cut, colour, clarity, and carat weight. They have also become a sustainable option for environmentally conscious consumers, she said. On a similar note, Abheek Mehta, the Co-founder of Amal Jewels, mentioned that lab-grown diamonds are identical in terms of their physical and chemical properties, including their designs. He also noted that the primary distinction lies in the pricing, with the price difference increasing as the size of the diamond becomes larger. According to him, lab-grown diamonds are typically 50-60 per cent more affordable. The current trend “The demand for natural diamonds is slowing down since lab grown diamonds are a cheaper substitute with the exact same qualities," Mehta said. “Natural diamonds are not doing well even in international markets like the US and China,” he noted. Commenting on the differences in price, Lisa Mukhedkar said, “Smaller stones come at 60 to 70 per cent of the cost of their mined counterparts, and for larger carats and fancy shapes, the savings can be as high as 80 per cent. This makes it a sound investment choice.” Mehta said the one-carat LGD rings are being sold for about 50-60 thousand rupees, while natural diamonds would cost about 6-7 lakh rupees. Previous reports suggest that the market for LGDs is thriving due to the current geopolitical situation and the limited supply of diamonds from Russia. However, Mukhedkar also attributed the LGDs’ increasing popularity to the expansion of the “solitaire market”, notably in the USA, which in turn has sparked a similar trend in India. During the ongoing festive season, Mehta is optimistic about the sales for LGDs. “Considering that we’ve seen a lot of enquiries and sales during the festive season, we expect strong sales during this period until Diwali,” he said. Mukhedkar said that the festive season is likely to witness increased sales of LGDs as they provide better value to customers. “Furthermore, customer awareness about the advantages of grown diamonds is leading to increased demand,” she added. Speaking of the anticipated trends in the diamond market, Mehta of Amal Jewels said, “There may be a few rare natural diamonds that are bigger in size which will be priced appropriately to their value. However, LGDs are set to replace diamond jewellery that is worn on a daily basis.” WATCH WION LIVE HERE

Decoded: Will lab-grown diamonds get lucky this festive season?

As demand for sustainable and ethically sourced gems continues to rise, lab-grown diamonds have emerged as a captivating alternative. Lab-grown diamonds are charming both consumers and experts alike with their affordability and sustainable allure. Jasnoor Kaur brings you the report on the growing popularity of these lab creations.

Lab-grown diamonds: The future of sustainable luxury

India is leading the quest towards creation of greener supply chain by producing diamonds in labs. The country has recorded six-fold rise in the exports of lab-grown expensive gems in past three years, in what is about a $22 billion market across the world.&nbsp;

Lab-grown diamonds (LGD) witnessed a remarkable rise during the last three years and accounted for 7.5 per cent&nbsp;of the total polished diamond exports from India in the first nine months of FY2023, up from 1 per cent&nbsp;in FY2019, according to rating agency ICRA.&nbsp;

India has made sustained efforts to boost the production of lab-grown diamonds. Notably, Nirmala Sitharaman, the finance minister of world's fifth largest economy, during her annual budget speech this year, announced India's Prime Minister Narendra Modi-led government's intent in this direction.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/report-diamond-tycoon-jatin-mehta-moves-uk-court-to-unfreeze-assets-worldwide-after-fraud-claims-526895">Report: Diamond tycoon Jatin Mehta moves UK court to unfreeze assets worldwide after fraud charges</a>

Sitharaman announced the reduction in customs duty on the seeds used in lab-grown diamond manufacturing. She also announced a grant to the Indian Institutes of Technology (IITs) to facilitate the growth of lab-grown diamonds in India. Following the announcements, a research grant of ₹242 crore over five years to IIT Madras was approved based on &nbsp;experience in diamond research by the institution, having developed many technologies for industry, space and defence sectors.&nbsp;

ALSO WATCH |&nbsp;Koh-i-noor diamond a 'symbol of conquest' in new display of Crown Jewels

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"India is keen to move away from the contrived controversies by vested interests surrounding the naturally mined diamonds and create a market where the product could be matched with the mined diamonds and offered at a much lower rate," Shantanu Ray, author of 'Diamond Trail: How India Rose To Global Domination', wrote in an article published April 1, 2023.

<h2>What are Lab-grown diamonds?</h2>

Lab-grown diamonds are produced using specific technology which mimics the geological processes that grow natural diamonds. It is a process called Chemical Vapour Deposition (CVD) that involves putting a diamond seed in a sealed chamber filled with carbon-rich gas and heating to around 800C. The gas sticks on the seed, building up a diamond atom by atom.&nbsp;

India accounts for 15 per cent of the global lab-grown diamonds production , official records say. The country produces about 3 million lab-grown diamonds each year. &nbsp;The country houses 90 per cent of the world’s diamond cutting and polishing units, making it the largest exporter of diamonds.

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India is leading the quest towards creation of greener supply chain by producing diamonds in labs. The country has recorded six-fold rise in the exports of lab-grown expensive gems in past three years, in what is about a $22 billion market across the world.

India is leading the quest towards creation of greener supply chain by producing diamonds in labs. The country has recorded six-fold rise in the exports of lab-grown expensive gems in past three years, in what is about a $22 billion market across the world. Lab-grown diamonds (LGD) witnessed a remarkable rise during the last three years and accounted for 7.5 per cent of the total polished diamond exports from India in the first nine months of FY2023, up from 1 per cent in FY2019, according to rating agency ICRA. India has made sustained efforts to boost the production of lab-grown diamonds. Notably, Nirmala Sitharaman, the finance minister of world's fifth largest economy, during her annual budget speech this year, announced India's Prime Minister Narendra Modi-led government's intent in this direction. ALSO READ | Report: Diamond tycoon Jatin Mehta moves UK court to unfreeze assets worldwide after fraud charges Sitharaman announced the reduction in customs duty on the seeds used in lab-grown diamond manufacturing. She also announced a grant to the Indian Institutes of Technology (IITs) to facilitate the growth of lab-grown diamonds in India. Following the announcements, a research grant of ₹242 crore over five years to IIT Madras was approved based on experience in diamond research by the institution, having developed many technologies for industry, space and defence sectors. ALSO WATCH | Koh-i-noor diamond a 'symbol of conquest' in new display of Crown Jewels × "India is keen to move away from the contrived controversies by vested interests surrounding the naturally mined diamonds and create a market where the product could be matched with the mined diamonds and offered at a much lower rate," Shantanu Ray, author of 'Diamond Trail: How India Rose To Global Domination', wrote in an article published April 1, 2023. What are Lab-grown diamonds? Lab-grown diamonds are produced using specific technology which mimics the geological processes that grow natural diamonds. It is a process called Chemical Vapour Deposition (CVD) that involves putting a diamond seed in a sealed chamber filled with carbon-rich gas and heating to around 800C. The gas sticks on the seed, building up a diamond atom by atom. India accounts for 15 per cent of the global lab-grown diamonds production , official records say. The country produces about 3 million lab-grown diamonds each year. The country houses 90 per cent of the world’s diamond cutting and polishing units, making it the largest exporter of diamonds. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India shines with record exports of lab-grown diamonds

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Are lab-grown diamonds the future of fine jewellery? Here's what experts say

Can lab-grown gems replace real ones? | Tech It Out

Decoded: Will lab-grown diamonds get lucky this festive season?

Lab-grown diamonds: The future of sustainable luxury

India shines with record exports of lab-grown diamonds