Public interest in lab-grown diamonds shifts

Shashikanth Dalichand Shah, Chairman of the Laboratory-Grown Diamond and Jewelry Promotion Council (LGDJPC), has been promoting the lab-grown diamond and jewelry industry for the past few years to spread awareness about lab-grown diamonds and to help and educate traders in the industry.

A businessman, Shashikant D Shah is the founder and owner of DM Gems, which was established in 2003. The following year, the company was named a distributor for Gemesis Cultured Diamonds (Gemesis Corp.) and entered the world of lab-grown diamonds. Diamonds (LGD).

Shashikant Shah, who has a business degree, entered the diamond industry in 2003, opening a diamond jewelry showroom dedicated to Nakshatra and Asmi brands, and hasn't looked back since.

In an exclusive interview with Rough&Polished, Shashikanth Shah talks about the recently concluded LGDJ Expo in Mumbai; also foresees a bright future for the global LGD industry.

Some excerpts:

How would you rate the 2nd Lab-Grown Diamond Show (LGDS 2022) on visitor numbers, business generated on-site, and post-show orders?

This year we had a great response from over 11,000 visitors from all over the country as well as Dubai, Hong Kong, USA and Antwerp. On the business side, we have witnessed many deals and signed many MoUs with Indian growers, and if executed properly, the total business could exceed $50 billion.

Can you tell us the approximate number of LGD production labs and cutting and polishing units currently in India? What is the output of these two processes?

There are almost 8-9 large planters and 100 units in the cutting and polishing process. There must be more than 150,000 carats grown, processed in India and mainly exported to the United States, Hong Kong, Dubai, etc., and more than 200,000 carats of lab-grown rough diamonds, including imported lab-grown rough diamonds and lab-grown diamonds. diamonds grown in india

What is the import volume of rough LGD and from which countries? How much polish is exported from India; and from which country is the main demand coming from?

Last year, imports of lab-grown diamonds totaled more than $80 million in the period April 2021, while this year in April 2022, imports of lab-grown diamonds totaled more than $100 million for the same period. Exports of diamonds were worth $90 million in April 2021 and nearly $150 million in April 2022. The main demand we see is coming from the US.

What percentage of polished gemstones is consumed in the Indian market? What is the current demand pattern for LGD jewelry in India?

Currently the percentage of lab grown diamonds consumed in India is too low compared to exports but real awareness is spreading and new jewelry giants like Sonani Jewels, Bhandari Lab Grown Diamond Jewelery, Maitri Lab Grown Diamond Jewelery, Go Green Lab Grown Diamond Well done to Jewelery, Wonder Diamonds, Fiona Solitaire, Limelight and more.

The LGD industry is booming in India. According to media reports, the State Bank of India has started financing the industry. your opinion?

Better late than never. It's a need, but I feel like the same thing has been delayed for almost 2 years due to the pandemic. It's a blessing in heaven because it helps because we all know that the initial capital cost is huge.

What is the future trend of global LGD/jewelry? Given that Gen Z is also showing interest in LGD/LGD jewelry, are you seeing a shift in interest in mined gemstones given the price difference? your opinion?

Diverting people's interest in mining diamonds, I'm not so sure yet. But as a new product, yes, public interest did change because it's affordable, enables many new designs that fit Gen Z tastes, and can target a large customer base.