Lab-Grown Diamonds: India’s Big Bet on the Future of Jewelry

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Lab-Grown Diamonds: India’s Big Bet on the Future of Jewelry

Lab-grown diamonds (LGDs) have quietly gone from novelty to inevitability. With 50–60% gross margins, 4x production growth in just two years, and rising consumer traction—especially in India—this isn’t just a supply chain evolution. It’s a consumer revolution.

In a recent episode of The 2030 Consumer, Rahul Chowdhri sat down with Varun Agarwal to break down how LGDs are reshaping an industry long defined by legacy, emotion, and exclusivity.

Jewelry in India serves three distinct needs:

• Investment (mainly gold)

• Emotion (gifting, love, milestones)

• Status signaling (wealth and social standing)

But diamonds have rarely worked as investments. Prices haven’t appreciated much in over a decade. Instead, diamonds sit at the intersection of emotion and display—two things LGDs can deliver at a fraction of the price.

What’s Driving the LGD Boom?

Three major shifts are unlocking LGD growth:

1. Access and affordability
   LGDs cost 50–60% less than mined diamonds, making larger stones accessible to new consumers. A ₹50,000 budget can now buy a 1-carat ring instead of a 0.5-carat mined one.

2. Design over resale
   Especially among younger consumers, design now trumps resale value. LGDs enable trend-forward, aesthetically appealing pieces without the premium of rarity.

3. Supply chain scale
   India’s LGD production has scaled from 1.5M to 6M carats annually since 2022. Over 90% of this comes from Surat, where infrastructure and know-how already exist thanks to decades of diamond polishing.

Margins Are High—For Now

Unlike traditional jewelry where gross margins range from 12–15%, many LGD brands are seeing 50–60% margins today. But Rahul cautions that these numbers likely won’t hold. As global supply expands—especially from low-cost countries like China—LGD prices could come under more pressure.

Still, design-led brands may hold margin by building trust, brand equity, and differentiated aesthetics.

The 2030 LGD Landscape: 4 Key Segments

Varun forecasts a multi-segment future for LGDs:

1. Sub-₹5K segment: Fashion-forward, everyday jewelry using LGDs set in gold-plated bases. A volume game.

2. ₹20K–₹40K segment: Premium workwear jewelry in 18K–22K gold. Think of it as LGD’s version of CaratLane.

3. ₹40K+ segment: Fine jewelry alternatives for engagements, anniversaries, or self-gifting — at a much lower cost than mined equivalents.

4. Kidswear jewelry (₹5K–₹15K): An untapped opportunity: affordable LGD-gold pieces designed for children. No incumbents here yet.

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Who Wins: Incumbents or Upstarts?

Rahul’s take: Newcomers have the edge. Established jewelry brands risk cannibalizing their own mined diamond sales if they adopt LGDs too aggressively. Expect newer brands to dominate—especially those that:

• Build trust in an unfamiliar category

• Own a distinct design language for their segment

• Stay lean and digitally native

Some legacy players may launch LGD sub-brands, but the disruptors will likely come from outside the old guard.

Retail Will Be Hybrid—But Rethought

High-ticket purchases still lean on offline touchpoints. But the journey now starts online, with Instagram or WhatsApp becoming key discovery and lead-nurturing platforms. Expect:

• Pure-play D2C for lower price points

• Lead-gen + showroom for mid-range

• Premium flagship stores for ₹50K+ purchases

As Rahul notes, sales per square foot might hold up even as average order value drops—if foot traffic expands.

Can India Build a Global LGD Brand?

Yes—but it’ll require more than just supply-side dominance. India has long been a backend for global diamond cutting. The shift now is about brand building, cultural fluency, and understanding global design sensibilities.

Add to that the possibility of custom-made LGDs (unique shapes, colors, or engravings), and there’s a clear whitespace for a “bespoke” category to emerge—machine-made, but deeply personal.

The Bottom Line

LGDs are no longer a fringe bet. They’re the startups of the jewelry world—design-first, data-backed, and digitally native. With the right execution, India has a shot at not just scaling supply—but owning the global narrative around the next generation of diamonds.

Interested in learning more about jewelry and associated market? Check out our previous coverage here:

• China's Gold Rush: Why the Precious Metal Remains a Safe Haven

• The Jewels of Innovation: CaratLane and Bluestone

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Disclaimer: The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author's employer, organization, committee or other group or individual.