Lab Grown Diamond: A disruptor in the diamond market, which is changing the slogan – A diamond is for everyone

Dubai: We have been hearing this marketing campaign for “diamond is forever” for years, but this precious stone has always been away from the reach of the common man, but now that diamonds are being made in the lab, this revolutionary experiment has brought the common man closer to the diamond, now we can say that “A diamond is for everyone”.

How Lab-Grown Diamonds Are Made: In the lab, a fine diamond plate called a seed is mixed with other gases like hydrogen, carbon and methane inside the lab to create a mine-like condition of diamonds present inside the earth, where Lab-grown diamonds are produced within 10 -12 weeks by raising the temperature to more than 3000 degrees Celsius. Here we tell the reader that there is not much difference in the process of making both lab-grown diamond and natural diamond, the difference is only in the time when natural diamond takes millions of years inside the earth while lab-grown diamond in just 12 weeks gets dressed.

Rohan C Siroya, CEO of Evermore Diamonds, which has brought lab-grown diamonds to the Dubai market, says that there are two lab-grown diamond technologies currently available in the market. In this CVD, (chemical vapour deposition) technology is considered better because under it We can produce large-size diamonds. India, USA and China are currently leading in Lab Grown Diamond Industry but for cutting and polishing Lab Grown Diamonds anywhere it is made, it has to come only from the artisans of India which have major centres in Surat and Mumbai. India’s diamond artisans have no match in infrastructure and skills.

Only 3 companies in the world currently hold Lab Grown Diamond Technology Patent out of which ALTR America is a Pioneer Company which has been manufacturing Lab Grown Diamond since 2006 but it also has a centre of cutting and polishing in India. If we talk about the properties of diamonds, there is no difference between chemically, thermally and optically natural diamonds and lab-grown diamonds. If we talk about certification, then the world’s recognized certification companies like GI, IGI and SGI also give the same certificate to the lab-grown diamond on the basis of colours and quality, which gives the same certificate to the natural diamond. The cutting and polishing of lab-grown diamonds are done in the same labs and machines where the cutting and polishing of natural diamonds is done.

Benefits of Lab Grown Diamond: Talking about Lab Grown Diamond, Rohan Siroya says that Lab Grown Diamond is a profitable deal in every respect. Firstly it is nature friendly where we do not have to dig in the mine to get the diamond, and pollution during digging can be avoided. Since it is prepared in the lab amidst tight security, blood diamond or any other kind of conflict can be avoided.

Since it is a product of a controlled environment, it does not have the impurity often found in natural diamonds. Many times, due to nitrogen gas, the diamond turns yellow or some dirt is found inside it. There is only 2% type 1 diamond in natural diamond, which 100% meets all the standards Kohinoor is a type 1 diamond, and the rest 98% of natural diamond has some kind of impurity found, while lab-grown diamond is 100% type There is 1 diamond. With all the certifications, the re-sell or exchange value of Lab Grown Diamond is valid across the market.

When it comes to price and design, Lab Grown Diamond beats Natural Diamond. Due to the absence of mining and machine cost of billions of dollars, there is a difference of 60-70% in the price of lab-grown diamonds and natural diamonds which makes it easy for the common man to access diamonds. For example, if a natural diamond of 1 carat is available between Rs 7 -9 lakh, then a lab-grown diamond of 1 carat will easily be found between Rs 1.5-2 lakh. While the price of natural diamonds increases with size, the cost of lab-grown diamonds decreases with an increase in size.

Rohan Siroya explains that lab-grown diamond cutting and polishing also gives artisans the opportunity to experiment more and they are cutting unique shapes with lab-grown diamonds, Evermore Diamonds alone holds 450 global patents for cutting designs. Nowhere else in the world is there a 10 Heart Scenario in which 10 Hearts are seen inside the diamond when viewed from a particular angle and this is only possible in the cutting of Lab Grown Diamonds.

Market of Lab Grown Diamond: The technology of making Lab Grown Diamond was developed by GE only in 1970, but after 2006 it started making a place in the European market the colour of Lab Grown Diamond made at that time was not very good. In the last 6 -7 years, it has made a mark in the market, but if we talk about the last 2 -3 years then its demand has increased a lot. Till 2018 95% of the lab-grown diamond market used to be US and Europe only but now the market flow of lab-grown diamonds is changing towards the middle east. Since the gold and jewellery market of the Middle East, and especially Dubai, is the exchange of design and technology from all over the world, Lab Grown Diamond has also entered the Dubai market with tourists coming from Europe in the last 18 months after Corona. And in the last few months, lab-grown diamonds have started appearing in the Indian market as well, and this has been a trend in the jewellery market where the Indian market has always been following Dubai for new designs and experiments. Lab grown diamond disruptor

If we talk about the market share, then the natural diamond market in the world is currently worth $ 80 billion (AED293b), which is growing with a growth of just 2%. The lab-grown diamond market has grown from $1 billion to $5 billion (AED8b) in the last 4 years with a 20% annual growth rate and industry experts are predicting that it will touch $7 billion (AED25b) by the end of 2023. Lab grown diamond disruptor

Talking about Dubai, Evermore Diamonds opened the first store of Lab Grown Diamonds a year ago, whose entire stock was sold out in just 4 months. As per DGJG Lab Grown Diamonds has an annual business of $12-13 (AED44-47b) million in Dubai with 7-8 retailers and around 40 stores. On the other hand, this share in the jewellery market of India is currently very small. Lab Grown Diamond has not been able to find that place in the market of India yet, but all the Lab Grown Diamonds of the world still come to India for cutting and polishing, because India is still in diamond cutting and polishing due to its experience and technology. Remains a world leader in this sector. India’s diamond export market is worth more than $3 billion (AED11b) annually. Lab grown diamond disruptor

It can be said that with the growing market of lab-grown diamonds, it will no longer be a dream to buy diamonds very soon. Due to the development of science and technology, this magic stone will now shine like stars in all its beauty. Lab grown diamonds can also put those countries in the line of diamond-producing countries in the future which do not even have diamond mines. There is a lot of potential in India today we are number one in diamond processing, but in future, we can also become a leader in the production of lab-grown diamonds. Lab grown diamond disruptor