Noida, (Uttar Pradesh), [India], July 09, 2024:- The allure of diamonds has enchanted and captivated the hearts of many for centuries, symbolizing love, commitment and luxury. However, the demand for natural diamonds jewellery has taken a hit recently. Let’s unearth the reason behind.
The price of natural diamond jewellery has dropped significantly by more than 6% in 2024. One of the primary reasons is the growing popularity of Lab-Grown Diamond jewellery that is identical physically, chemically and optically to natural diamonds.
“They are like IVF babies, born in a lab rather than mined from the earth’s womb,” explains Shuchi Gunwant, cofounder The6C in the simplest of terms.
LGDs are seeing a meteoric rise in demand from $1B in 2016 to an impressive $12B+ globally in 2023, driven by growing consumer demand.
Comparison and Similarity between Natural and Lab-Grown Diamonds
There is no visible difference between Natural and Lab-Grown Diamonds as both of them possess the same physical, chemical and optical properties. LGDs are created using high pressure, high temperature (HPHT) or chemical vapor deposition (CVD) methods, replicating the natural conditions under which diamonds are formed in the Earth’s mantle. This ensures that they are equally durable, brilliant and possess the same hardness, refractive index and crystal structure as their mined counterparts.
The growing demand for LGDs
According to the Gems and Jewellery Export Promotion Council (GJEPC) report, India witnessed a remarkable surge of 27% in polished lab-grown diamond exports reaching $1.6B, while traditional polished mined diamond exports declined by 39% year-on-year to $1.32B.
Original Post: https://dhunt.in/VvKCJ
