Indian Lab-grown diamond startups are racing to capture the growing market

Lab-grown diamond companies in India are expanding rapidly, aiming to establish themselves as leading national brands as consumer interest is growing enormously. However, no single company has yet emerged as the dominant player in the domestic lab-grown diamond market, though many legacy jewellers are in the sector, involved in producing/manufacturing, jewellery manufacturing and retailing.

This situation has created a huge opportunity for startups that are growing rapidly to capture a major portion of the growing demand. During the past two years, prices of lab-grown diamonds have gradually reduced by 25 to 30% due to oversupply. It is predicted that prices may reduce further, but the fact that LGDs will be affordable to a larger population is an encouraging scenario.

Over the past few years, numerous top natural diamond manufacturers of India have also jumped onto the bandwagon to produce and manufacture lab-grown diamonds. The shortage of natural rough diamonds in the Indian sector due to restraint on ALROSA roughs also pushed manufacturers to enter the LGD business.