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LGD exports grew 37.31%; demand to grow at a CAGR of 14.8%

According GJEPC report, provisional gross export of polished lab-grown diamonds grew 37.31% (27.85% in US dollar terms) to Rs 13,466.42 crore (US$ 1679.98 million) for the period April 2022–March 2023, from Rs 9,807.56 crore ($1313.98 million) in the previous year. In contrast, polished mined diamond exports slumped 39% year on year to $1.32 billion in April this year.

Shashikant Dalichand Shah, Chairperson, Lab Grown Diamond and Jewellery Promotion Council, attributes the slump to the fact that many precious diamond merchants have shifted to lab-grown diamonds because of the immense potential the category holds.

Smit Patel, Director of Greenlab Diamonds, who is also the convener for lab-grown diamonds at GJEPC, says, when India imports rough diamonds and cuts and polishes them for exports, only 3–5% value is added. In contrast, the value addition rises to 17–18% in lab-grown diamonds, he says.

Countries such as the United States, UAE, Hong Kong, and Singapore import lab-grown diamonds from India.

According to Future Market Insights, the demand for lab-grown diamonds in India is set to grow at a CAGR of 14.8% and rising export is likely to propel this demand.

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