“The government for the first time has spoken of the identity of lab grown diamonds by addressing them as (NOT ARTIFICIAL OR SYNTHETIC) but eco-friendly and bearing the same properties as natural diamonds. This awareness created by the government in itself is going to instill huge amount of consumer confidence in lab grown diamonds and we will be a seeing a huge shift in consumer preference towards LGDs in India. A huge number of retail players in India are already stocking & entering into lab grown diamonds and this will only strengthen the confidence to stock LGDs at the retail level. This will come despite the budget announcement of reduction in import duties on seeds as it’s impact on the pricing of the product is minimal and a boost in demand will likely push retail prices higher. Mainly because India today has less than 10,000 growing machines and the consumption capacity of India can far outpace the current supply of LGDs. Less than 5% of Indian women wear and adorn diamonds. Lab grown diamonds will be an opportunity for even the remaining 95% of women to wear and afford diamonds. As a result, both these measures announced in the budget are only likely to further solidify and grow the entire value chain in the LGD sector and more LGDs will now be available at the retail level.”

Mrs Pooja Sheth Madhavan,MD & Founder, Limelight Lab Grown Diamonds Ltd