India to grow into a formidable force in the $132 bn LGD market by 2029

The Lab-grown diamond (LGD) sector in India has gained ground over the natural diamonds and may even make up for 16 per cent of the global diamond market by 2029, rising from 12 per cent in 2024 and 9 per cent in 2019. Ethical concerns over mining practices and increasing awareness of sustainable alternatives are diverting buyers to alternative options. These are the main reasons why the Gen Z and other climate-conscious buyers are gradually exploring LGDs as a viable and desirable option. The $108 billion global diamond market is expected to grow to $132 billion by 2029, where India will play a major part as LGD producer, manufacturer and jewellery supplier. India’s production facilities are rapidly expanding to meet growing global demand.

Today, Surat houses thousands of traditional diamond-cutting and polishing units, processes 90-95 per cent of the world’s gem-quality LGDs for cutting and polishing. The sector has embraced LGD diamonds with significant investment in cutting-edge chemical vapor deposition (CVD) technology, making it cheaper, more sustainable, and ideal for cost-effective mass production.