Diamonds for half the price? Surat’s lab-grown diamonds shine as exports boom
These man-made gems have the same chemical and optical properties as natural diamonds but cost much less
In the busy city of Surat, where 90 percent of the world’s diamonds are carefully cut and polished, a big change is happening. Deep in the heart of this diamond hub, Smit Patel’s modern lab is changing the diamond jewelry market worth $89 billion. Here, diamonds are not made over billions of years under the Earth’s surface but are carefully made in less than eight weeks, making a big change in the industry.
The Rise of Lab-Grown Diamonds
At the front of this change is the growing industry of lab-grown diamonds, which has seen a big increase in popularity and acceptance. These man-made gems have the same chemical and optical properties as natural diamonds but cost much less. According to Patel, the director of Greenlab Diamonds, “It’s the same product, it’s the same chemical, the same optical properties,” showing how similar lab-grown and natural diamonds are.
The process starts with a small diamond seed put in a machine that copies the extreme conditions deep within the Earth’s mantle. Through a careful process using gases like methane, heat, and pressure, these seeds turn into rough diamonds ready for cutting and polishing. This new method not only makes production faster but also brings a new ethical and environmentally friendly option to the market.
Market Changes and What People Want
The arrival of lab-grown diamonds has caused big changes in the traditional diamond industry, significantly increasing the global market share of these gems. Lab-grown diamond exports from India have tripled in value between 2019 and 2022, showing the growing demand for sustainable and conflict-free options. The popularity of lab-grown diamonds in engagement rings has gone up a lot, with their market share in the United States going from 17 percent to 36 percent in just over a year.
However, this quick rise has come with some challenges. The natural diamond industry has struggled with falling demand, political unrest, and strong competition from lab-grown options. This mix of factors led to a rare voluntary ban on importing rough diamonds in India, showing how the industry is having a hard time adjusting to what people want.
Bumps in the Diamond Road
Beyond money, the rise of lab-grown diamonds is good for the environment and for being ethical. By using renewable energy and avoiding “conflict diamonds,” these gems are a cleaner, more responsible choice for buyers. Even though people argue about how much energy is used to make them, lab-grown diamond makers like Patel are sure they are doing the right thing for the planet.
What People Love About Lab Diamonds
Even with more lab-grown diamonds and prices changing a lot, people who support them are hopeful about the future. Lower prices are expected to make more people want them, making these gems something everyone can have. Despite problems like companies going bankrupt and not knowing what will happen next, people like Patel are sure that lab-grown diamonds becoming more common is a sure thing.
What’s Next for Lab-Made Diamonds?
In the busy markets of Mumbai and the cutting rooms of Surat, a big change is happening. Lab-grown diamonds, once not very popular, are now changing what people think about luxury and value in jewelry. As people care more about where things come from and if they’re good for the Earth, lab-grown diamonds are becoming more popular, promising a future where everyone can shine bright.
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