With a slew of firms, India is driving worldwide growth in lab-grown diamonds (LGDs). Here are the three significant companies that have contributed to the country’s success in the international market for LGDs.
Greenlab Diamonds: It has four LGD plants and is in the midst of establishing another, all in Surat, the country’s diamond heartland. It made headlines last year after producing the largest LGD, a 27.27 carat labelled Om. China held the previous record with 16.41 carats.
Greenlab’s partner, Smit Patel, stated that the company exported Rs 600 crore in FY22. By December 2022, its exports will have reached Rs 800 crore in the current fiscal year. Since its inception in 2018, the company has experienced annual growth of 300-400 percent. His family has been in the diamond trade for more than 50 years. Every month, Greenlab manufactures 2 lakh carats of LGDs.
Limelight Lab Grown Diamonds: Surat-based Limelight is supported by the Bhathwari Group, a prominent diamond grower and producer. It claims to be the world’s largest manufacturer of LGDs and employs chemical vapour deposition technology (CVD).
According to Pooja Sheth Madhavan, the company’s managing director, the firm produces 5 million carats each year, with over 90% exported, primarily to the United States, which has been the largest consumer market for diamonds.
Limelight Diamonds is likewise working hard to build a presence in the Indian market. It includes flagship stores in Mumbai and Kolkata and a network of over 65 partners in cities including as Hyderabad, Bengaluru, Chennai, Delhi, and Ahmedabad.
Cupid Diamonds: Cupid Diamonds, founded in 2015, operates three plants in Surat. It produces 3 lakh carats per month.
Milan Director Ashwin Shah stated that the company’s LGD exports were Rs 800 crore. The company’s export has increased by 200-300 percent in the last three years. Approximately 98 percent of exports are to the United States.
Surat Diamond Association has approximately 2,600 registered companies; however, there may be an additional 2000 enterprises operating in fragmented marketplaces.
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