The diamond industry in Surat, renowned for cutting and polishing 90% of the world’s diamonds, is facing a heavy recession. The significant downturn has impacted natural diamond artisans and businesses.

The demand for natural diamonds has also dropped, leading to the recession. In contrast, the lab-grown diamond industry remains unaffected by the recession, with no reported losses. This shift has prompted approximately 80% of natural diamond artisans to transition to lab-grown diamonds, driven by the increasing demand for such diamonds.

Babu Vaghani, head of the Lab Grown Diamond Association (LGDA), highlighted that lab-grown diamonds sourced from China and processed in India are getting good business. He said that the market for such diamonds is thriving.

The global market for lab-grown diamonds is expanding, with demand in America, Canada, Italy, Europe, Mexico, Germany, the UK, France, and Russia. The Asia-Pacific region, including China, Japan, India, Australia, Indonesia, Thailand, the Philippines, Malaysia, and Vietnam, also shows large consumption of lab-grown diamonds. 

China leads in the production of lab-grown diamonds, with India also making its way to become a leading producer of these  diamonds.

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