India's jewellery market is facing a new wave of disruption as lab-grown diamonds gain traction, creating fresh opportunities but also posing challenges for industry giants like Titan. While the rise of lab-grown diamonds , also known as synthetic diamonds, is creating buzz in the affordable luxury space, experts believe it could put pressure on segments like daily wear jewellery, though core wedding collections may remain unaffected. Synthetic diamonds are produced in controlled environments using advanced technology that mimics the natural diamond formation process.
Read Here | Are natural diamonds losing their sheen? Experts weigh in As the cost of natural diamonds continues to rise, lab-grown alternatives are gaining traction, particularly among budget-conscious consumers. India, traditionally a global hub for diamond cutting and polishing, is now becoming a key player in the lab-grown diamond sector. Pooja Sheth Madhavan, Founder and Managing Director of Limelight Lab Grown Diamonds, highlighted the rapid growth of this market, stating, “The global market for lab-grown diamonds is currently valued at $15 billion, and India is seeing a 15-20% increase in consumption year-on-year.
After the US, India is positioned as the next major market for lab-grown diamonds.” The entry of multiple players into this space is accelerating growth. For instance, Trent recently launched its lab-grown diamond brand, ‘Pome,’ marking its entry into the sustainable luxury segment.
Kotak.