India’s LGD segment to reach $1.2 bn by year 2033

India’s lab-grown diamonds (LGDs) segment is rapidly emerging as a significant growth driver, currently valued at $345 million and expected to reach USD 1.2 billion by 2033 at a CAGR of 15 per cent, according to a report by 1Lattice. The report puts the gems and jewellery industry on a strong growth trajectory, projected to expand from $83 billion in 2024 to $128 billion by 2029. This represents a compound annual growth rate (CAGR) of 9.5 per cent.

Another major contributor is the increasing presence of organised retail. Consumers are gravitating towards branded and certified jewellery, which offers greater assurance of quality and authenticity. This trend is strengthening consumer trust and encouraging repeat purchases from established players in the market.

Digital transformation is further reshaping the sector. With e-commerce platforms, virtual try-ons, and AI-driven personalisation gaining traction, online jewellery sales are projected to account for 10 per cent of the total market. These technological advancements are enhancing customer convenience and broadening market access.

Government support is also playing a crucial role. Measures such as a 5 per cent duty reduction on LGD seeds and a USD 30 million research grant are aimed at strengthening domestic manuIt is noted that , noted that the fusion of heritage and innovation is redefining India’s jewellery market.