Lab-grown diamonds set to shine as affordable luxury for millennials and Gen Z: IGI CEO

Tehmasp Printer, MD and CEO of International Gemmological Institute, says India’s conservative market favours 22-carat gold. Still, lab-grown diamonds and lightweight gold jewellery are driving affordable luxury, with strong demand during the festival season. As the festival season kicks off, consumer interest in diamonds, both natural and lab-grown, is seeing a notable surge. Tehmasp Printer, MD and CEO of IGI, shared insights on the evolving landscape of the diamond industry, highlighting the growing prominence of lab-grown diamonds in India and across the globe.

Lab-grown diamonds, he noted, are becoming a preferred choice for millennials and Gen Z consumers entering the luxury market for the first time. With nearly half of bridal purchases in the US now involving lab-grown diamonds, these stones offer an ‘affordable luxury’ alternative without compromising on quality, chemical composition, or physical properties. While the US remains the largest market, India is rapidly catching up. IGI currently polishes, cuts, and certifies around 80% of all lab-grown diamonds in India. Printer highlighted that lab-grown jewellery is reaching second- and third-tier cities, making diamond ownership more accessible to a broader demographic.

Tehmasp Printer also addressed concerns about negative perceptions of lab-grown diamonds, stressing that IGI’s independent, ISO-accredited certification ensures transparency and authenticity for consumers choosing between natural and lab-grown options.