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GJEPC: India’s Lab Grown Exports could Grow to $5 Billion in “Near Future”

India currently produces around 1.5 million carats a year
Lab Diamonds
Credit: Unknown photografer

Colin Shah, Chairman of the Gems and Jewellery Export Council (GJEPC), has commented on the state of the lab-grown diamond industry in India, saying that his country could significantly increase its production to support a “stronger and more self-reliant domestic cutting and polishing industry,” IDEX Online reports.

 

India currently produces around 1.5 million carats, “a distant second” to China’s 3 million carats a year, according to 2021 numbers. Shah claims that the industry has the potential to employ one million people and process “150 million carats of lab-grown diamonds and achieve an export turnover of $5.14 billion in ‘the near future’”.

 

Currently, India’s cutting and polishing industry, principally in Surat, is deeply impacted by “severe rough shortages as sanctions and banking restrictions hit supplies from Russia.”

 

Richline Lab Diamond JCPenney
Credit: Richline Group


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