(IDEX Online) - India's exports of polished lab-grown diamonds could double this year, amid a surge in US demand.
Sales last year were $1.3bn, around five per cent of the country's total polished exports, but Vipul Shah, vice chairman of the Gem & Jewellery Export Promotion Council, expects that figure to 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, according to a Bloomberg news report.
There are now 25 lab grown diamond manufacturers in India, accounting for around 15 per cent of global production.
The switch from mined gems has been prompted by ongoing sanctions against Alrosa, together with demand from the US for cheaper goods, amid spiraling inflation. Lab growns are 40 per cent cheaper.