Stories
India Poised to Lead Global Lab-Grown Diamond Market, Says IGI Global CEO
- •India is set to become the dominant force in lab-grown diamonds, with growth projected up to 50 times current levels, according to IGI Global CEO Tehmasp Printer.
- •Unlike natural diamonds, India now handles the entire lab-grown diamond process domestically: growing, cutting, polishing, and certifying.
- •Union Home Minister Amit Shah highlighted India's opportunity to control the full value chain for lab-grown stones, from machinery to finished jewelry.
- •IGI uses AI and machine learning in its grading process to manage the sharp increase in lab-grown diamond output, combining human expertise with technology.
- •Lab-grown diamonds are chemically identical to natural diamonds, and India's advantage lies in owning every stage of their production, appealing to informed Gen Z and Millennial consumers who now comprise 50-55% of IGI's customer base.
Key Questions Answered
According to Tehmasp Printer, Global CEO of the International Gemological Institute, India could become the single biggest force in lab-grown diamonds, with the entire process of growing, cutting, polishing, and certifying now happening domestically. Government estimates project future growth for the sector to reach up to 50 times current levels.
To keep pace with rapidly rising production volumes, the International Gemological Institute has developed artificial intelligence models to help handle larger quantities of diamonds. This approach combines traditional human expertise with modern technology built to manage the sharp rise in lab-grown output.
Gen Z and Millennial buyers make up roughly 50 to 55 percent of the International Gemological Institute's overall customer base and are far more informed about their purchases. Instead of spending less on jewellery, buyers are using the same budgets to purchase larger, cleaner lab-grown stones rather than smaller natural diamonds with visible inclusions.
