The landscape of the diamond industry is undergoing a seismic shift with the advent of lab-grown diamonds. The LGD BSM, organised by the Gem & Jewellery Export Promotion Council (GJEPC) in Surat on 16-17 April, emerged as a pivotal event spotlighting this transformative trend. Industry stakeholders from across the globe converged to explore the burgeoning opportunities and navigate the evolving dynamics of the lab-grown diamond market.
The sentiments expressed by buyers Lorna Carriere and Gary Carriere (pictured above) from the USA echoed a prevailing narrative of increasing demand for lab-grown diamonds worldwide. Lorna’s revelation about India’s dominance in processing polished lab-grown diamonds, with over 80% of the market share, attested to the country’s growing prominence in this domain. The Carriere duo’s intent to leverage India’s manufacturing prowess and streamlined processes for their wholesale business signified a strategic alignment with the emerging trends in the market.
Foreign buyer Shaheer Hosh of Cristino Fine Jewelry, USA, articulated a compelling narrative of changing consumer preferences, especially among younger demographics. The allure of high-end lab-grown diamonds, positioned as an aspirational alternative to natural diamonds, resonates with discerning consumers seeking sustainability and value. Shaheer’s strategic focus on positioning lab-grown diamonds for bridal jewellery underscored a keen understanding of market dynamics and evolving consumer sentiments. This narrative of luxury redefined, where ethical considerations intertwine with opulence, heralds a new era for the diamond industry.
International buyer Ritvick Pizanis from Janu Gems Inc., California, USA, offered valuable insights into the intricacies of the lab-grown diamond market. His assessment of the market’s trajectory, balancing the allure of affordability with concerns over price erosion, underscored the nuanced challenges facing industry players. Ritvick’s prediction of a divergent path for lab-grown and natural diamonds, with the former witnessing price corrections while the latter retains its intrinsic value, provided a holistic perspective on the evolving dynamics of the diamond market.
Exhibitor Shanay Parekh, Partner at Kira Diam LLP, championed India’s burgeoning lab-grown diamond industry. His visionary outlook, underscored by Kira Diam LLP’s self-proclaimed status as the ‘world’s largest grower of lab-grown diamonds’, epitomised India’s ascendancy in this domain. Shanay’s vision for expanding the reach of lab-grown diamonds to every corner of the globe resonated with the overarching theme of inclusivity and accessibility. Kira Diam’s sprawling 700,000 sq ft facility in Surat, complemented by a growing presence in the UAE, exemplified the industry’s transformative potential underpinned by innovation and enterprise.
Buyers Marwan Akbar and Shindo Antony from Rizan Jewellery LLC, UAE, provided a glimpse into the international perspective on India’s role as a sourcing destination for lab-grown diamonds. Their endorsement of India’s growing prominence in the lab-grown diamond market, coupled with plans to expand sourcing and establish a dedicated wholesale division, underscored the strategic imperatives driving global industry players. The synergy between Indian manufacturers and international buyers, epitomised by Rizan Jewellery LLC’s expansion plans, augurs well for fostering enduring partnerships and driving innovation in the global diamond trade.
The GJEPC Lab-Grown Diamond Buyer-Seller Meet in Surat served as an important meeting platform for forming new alliances and shaping the trajectory of the Indian lab-grown diamond industry.
