GJEPC’s LGD Buyer-Seller Meet in Surat draws attention of international stakeholders

The appeal of high-quality lab-grown diamonds, positioned as an ethical and value-conscious alternative to natural diamonds, is gaining traction among discerning buyers 

Surat: The diamond industry is experiencing a significant transformation with the rise of lab-grown diamonds. The recent LGD Buyer-Seller Meet (BSM), hosted by the Gem & Jewellery Export Promotion Council (GJEPC) in Surat on April 16-17, emerged as a crucial event shedding light on this evolving trend. Participants from across the globe gathered to explore the expanding opportunities and navigate the changing dynamics of the lab-grown diamond market. 

Vijay Mangukiya, Regional Chairman, GJEPC, Gujarat stated, “We arranged visits for the buyers to explore the entire diamond bourse to give a boost to the SDB. This time, the exhibitors demonstrated mastery in terms of colours, cutting and pointer size.” 

Feedback from buyers Lorna Carriere and Gary Carriere from the USA echoed the growing global demand for lab-grown diamonds. Lorna highlighted India’s dominance in processing polished lab-grown diamonds, with an 80% market share, indicating the country’s rising significance in this sector. The Carriere duo’s plan to capitalize on India’s manufacturing expertise and efficient processes for their wholesale business demonstrates strategic alignment with market trends. 

Shaheer Hosh of Cristino Fine Jewelry, USA, shared insights into shifting consumer preferences, particularly among younger demographics. The appeal of high-quality lab-grown diamonds, positioned as an ethical and value-conscious alternative to natural diamonds, is gaining traction among discerning buyers. Shaheer’s focus on positioning lab-grown diamonds for bridal jewelry underscores a nuanced understanding of market dynamics and evolving consumer sentiments, marking a shift towards a redefined concept of luxury. 

Exhibitor Shanay Parekh, Partner at Kira Diam LLP, championed India’s growing presence in the lab-grown diamond industry. Kira Diam LLP’s claim as the ‘world’s largest grower of lab-grown diamonds’ reflects India’s increasing prominence in this sector. Shanay’s vision for expanding the accessibility of lab-grown diamonds globally aligns with the overarching theme of inclusivity and innovation. The expansive facilities of Kira Diam LLP in Surat and its growing footprint in the UAE exemplify the industry’s transformative potential driven by innovation and enterprise.

Another exhibitor, Smit Patel, Director, Greenlab Diamonds said, “We got a good response from the foreign buyers and many of them are giant players. We have got business orders from over 12 foreign buyers and are hoping the figures may go up in the coming days.” 

Ritvick Pizanis from Janu Gems Inc., California, USA, offered valuable perspectives on the complexities of the lab-grown diamond market. His analysis highlighted the delicate balance between affordability and concerns over price stability, indicating the nuanced challenges faced by industry players. Ritvick predicted divergent paths for lab-grown and natural diamonds, with the former undergoing price corrections while the latter retaining its inherent value, providing a comprehensive view of market dynamics. 

Buyers Marwan Akbar and Shindo Antony from Rizan Jewellery LLC, UAE, emphasized India’s role as a sourcing destination for lab-grown diamonds. Their endorsement of India’s growing significance in the lab-grown diamond market, coupled with plans to expand sourcing and establish a dedicated wholesale division, underscores the strategic priorities of global industry players. The collaborative efforts between Indian manufacturers and international buyers, as showcased by Rizan Jewellery LLC’s expansion plans, bode well for fostering enduring partnerships and driving innovation in the global diamond trade. 

The GJEPC Lab-Grown Diamond Buyer-Seller Meet in Surat served as a pivotal platform for forging new partnerships and shaping the trajectory of the Indian lab-grown diamond industry. 

Retail Jeweller India News, GJEPC (Image Courtesy)