Export of lab-grown diamonds seen reviving in FY25
According to CareEdge Advisory, lab-grown diamonds (LGDs) exports are expected to witness a revival in FY25, growing by 7-9% to reach a value of ~US$1,500-1,530 million.
LGD exports have been declining in recent times and saw around 16.5% decline y-o-y for FY24. While the sales volume of LGDs have been growing, the declining prices have impacted exports. Nevertheless, the depreciating rupee is likely to act as a cushion for the industry, believes CareEdge Advisory. Going forward, the demand for LGD exports is expected to revive in FY25, as demand for naturally mined diamonds may remain sluggish. This is attributed to its price point, environmental sustainability and intensified competition from India against other leading LGD-producing nations.
India produces over three million lab-grown diamonds a year and accounts for 15% of the global production. At present, India is the second-largest producer of lab-grown diamonds, behind China, said a release.
Source: Exim News Service: Mumbai, May 9