The United States (US) orders to lift India's Lab-made Diamond exports to USD 8 Billion.

India polishes around 90 percent of the diamonds sold in the world. This is boosting up sales of laboratory-made gems as demand from the US rises. They have now become more accepted in other markets.

In an interview with the Economic Times, Vipul Shah, vice chairman of the Gem & Jewellery Export Promotion Council, said in an interview that the exports of the polished lab-grown diamonds is expected to twice the amount in the current financial year starting from April 1, from USD 1.3 billion in the previous year.

He further said, “We have a huge potential to grow exports to USD 7 billion-USD 8 billion in the next few years on the back of US demand and acceptability in the UK and Australia."

Diamonds grown in labs represent a small portion of the market presently. India exported as many as USD 24 billion of polished diamonds mined naturally last year. However, the much cheaper variety has been growing its share as it has the same physical characteristics and chemical makeup as mined stones, with experts needing a machine to distinguish between synthesized and mined gems.

As per the data by GJEPC, exports of polished lab-grown diamonds from India hiked about 70 percent in the April-July period to USD 622.7 million, while those of cut and polished mined diamonds decreased around 3 percent to USD 8.2 billion during the same period.

It also said that from a limited amount of companies who used to grow diamonds in labs in the mid-2000s, there are now about 25 such growers in India. Moreover, the country contributes about 15 percent of the global production of lab-grown diamonds to the world.

Lab-made diamonds are developed from a carbon seed placed in a microwave chamber and superheated into a glowing plasma ball. The process creates particles that crystallize into diamonds in weeks. 
US orders to lift India’s Lab-made Diamond Exports

The United States (US) orders to lift India's Lab-made Diamond exports to USD 8 Billion.

India polishes 90 percent of the diamonds sold in the world. This is boosting up sales of laboratory-made gems as demand from the US rises. They have now become more accepted in other markets.

Vipul Shah, vice chairman of the Gem & Jewellery Export Promotion Council, said in an interview that the exports of the polished lab-grown diamonds is expected to twice the amount in the current financial year starting from April 1, from USD 1.3 billion in the previous year.

He further said, “We have a huge potential to grow exports to USD 7 billion-USD 8 billion in the next few years on the back of US demand and acceptability in the UK and Australia."

Diamonds grown in labs constitutes a tiny portion of the market presently. During the last year, India exported as many as $24 billion of polished diamonds mined naturally.. However, the much cheaper variety has been growing its share as it has the same physical characteristics and chemical makeup as mined stones, with experts needing a machine to distinguish between synthesized and mined gems.

As per the data by GJEPC, exports of polished lab-grown diamonds from India hiked about 70 percent in the April-July period to USD 622.7 million, while those of cut and polished mined diamonds decreased around 3 percent to USD 8.2 billion during the same period.

It also said that from a limited amount of companies who used to grow diamonds in labs in the mid-2000s, there are now about 25 such growers in India. Moreover, the country contributes about 15 percent of the global production of lab-grown diamonds to the world.

Lab-made diamonds are evolved from a carbon seed by placing it in a microwave chamber. Hereafter, the object is heated into a glowing plasma ball. The process creates particles that crystallize into diamonds in weeks. 

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