Webinar on Lab Grown Diamonds
India Business & Trade, the thought leadership platform of the Trade Promotion Council of India organized a webinar on business potential of lab-grown diamonds (LGDs), its applications across end-use sectors and how to expand the scope of the sector in India.
India Business & Trade, the thought leadership platform of Trade Promotion Council of India, organised a webinar on the topic – Lab Grown Diamonds: The eco-friendly sunrise opportunity on May 8, 2023.
The panelists of the session were:
– Saiyam Mehra, Chairman of All India Gems and Jewellery Domestic Council
– Smit Patel, Director from GreenLabs
– Anup Zaveri, Director from Realillusions
– Rajesh Rokde, Vice Chairman of All India Gems and Jewellery Domestic Council.
The panel discussed several key topics, including the challenges in LGD production and commercialization, the response of the Indian market to the growing popularity of LGDs, and how LGDs align with India’s objectives to go green. Additionally, the panel explored ways in which the government and industry can collaborate to catalyse the production of LGDs.
LGDs are emerging as a high-potential product segment within the diamond industry. The global lab-grown diamond market was estimated to be worth US$22.45 billion in 2022, and is forecast to grow to US$37.32 billion by 2028. They are considered eco-friendly, as they do not involve mining, and are considerably cheaper than natural diamonds for the same or better quality.
The Indian government has recognized the potential of LGDs and recently announced that they will be a focus category for exports.The government also removed the basic customs duty on carbon seeds used in their manufacturing. As LGDs are gaining momentum in the Indian market, other nations are also showing interest in them. Read about the announcement here.
India has a 25.8% share in the global trade of LGDs as of financial year 2021-22. However, the country relies on imports for critical machinery, components, and seeds required for producing synthetic diamonds. The panel discussed ways in which the government and industry can work together to promote the production of LGDs and further develop this emerging market.
Click here to know more about the opportunities and challenges associated with Lab-Grown-Diamonds.