India’s exports of polished lab-grown diamonds could double to $2.6 billion in 2022 “amid a surge in US demand,” according to a report in IDEX Online.
In 2021, India’s exports of LGDs totaled $1.3 billion – about 5% of the country’s total polished exports.
However, in a Bloomberg News report, Vipul Shah, vice chairman of the Gem & Jewellery Export Promotion Council, says that figure could double in the financial year from April 2022. “We have a huge potential to grow exports to $7 billion to $8 billion in the next few years on the back of US demand and acceptability in the UK and Australia,” he said in the interview.
Currently, India has 25 LGD manufacturers, which account for around 15% of global production.
