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The jewelry industry in India has been witnessing a revolution in the recent past with the introduction of lab-grown diamonds. The trend of lab-created diamond jewelry has been growing rapidly in India, and it has been gaining traction among millennials who are looking for ethically sourced, sustainable, and affordable options.
In this blog, we will explore the future of lab-created diamond jewelry in India, backed by statistics and industry reports.
According to a report published in The Times of India, the demand for lab-grown diamonds in India has been growing at a CAGR of 20% in the last five years. The report also suggests that the pandemic has further accelerated the growth of this industry in India as consumers have been increasingly looking for affordable options that do not compromise on quality.
The report highlights that the Indian lab-grown diamond jewelry market is estimated to be around Rs 250-300 crore, and it is expected to grow by 30-40% in the next three years. Furthermore, the current budget has also axed the import duty on the seed needed for the manufacture of lab-grown diamonds making it even cheaper. Also, a higher budget has been allocated to further the research on this topic in IITs and NITs, making India one of the potential hubs of lab-grown diamond manufacturing in the coming yers.