Lab Grown Diamond (LGD) has started giving tough competition to the business of real diamonds. Due to the increase in demand for these artificial diamonds made in the lab, a 10 percent decline has been recorded in the real diamond business. According to the diamond industry, after April, there has been a decrease in exports by the same amount i.e. by 10%. However, if Lab Grown Diamonds have a major role in this decline, then the remaining contribution is due to the ongoing economic slowdown in America, Europe and China and the reduction in the supply of rough diamonds due to the sanctions imposed on Russia.

LGD price became a game changer
The reason for the increasing popularity of Lab Grown Diamonds is its cost. Actually, this lab made diamond which looks like real diamond is not even equal to 10% of real diamond in terms of price. If a real diamond is available for 10 lakhs, then LGD is available for only 40 to 60 thousand rupees. Because of this, it has become very easy for those who are fond of wearing diamonds, to buy them. Along with this, instead of buying expensive diamonds, many people are buying lab grown diamonds that look exactly like real ones, due to the fear of being stolen or lost.

Lab grown diamonds are made in a laboratory and are ready in just 1 to 4 weeks. The texture, shine, color, cutting, design of such diamonds are exactly like natural diamonds and they are also sold with proper certificates.

The trend of LGD increased in weddings as well.
In the new era, the acceptance of lab grown diamonds has increased rapidly among the youth. Now for engagement ring also, LGD is getting preference over real diamond. But this business is very important from the point of view of India. The global market for lab grown diamonds is $22 billion. There is a great opportunity for India to capture this market with its workmanship and value addition. Double digit domestic consumption and global consumption is proving helpful in this.

However, due to the prices on which this market is increasing, the decrease in Real Diamond Price can also become a challenge. But experts believe that by Christmas, this market can pick up again, which will ultimately benefit only Lab Grown Diamonds.

Demand abroad more than India
The value of gold-silver-diamond jewels is very special for Indians. Indians also buy jewelery so the investment associated with it helps them to decide. In such a situation, even if a diamond made in the lab is budget-friendly for Indians, it is not very attractive in terms of investment. The working population of India, among whom a big market is being created for lab grown diamonds, is also now focusing on the value. On the other hand, as soon as it comes to developed countries like America, all the equations change completely.

In these countries, the branding of Lab Grown Diamonds has been done by saying that it is environmentally safe. Due to the more awareness of the buyers there, Lab Grown Diamond is making its inroads in America-Europe. In these countries, people take care of the protection of the environment before money, which is proving helpful in the growth of LGD. But now, looking at the way inflation and economic slowdown is being seen, people are finding the option of lab-grown diamonds beneficial.