Lab-grown diamonds to sparkle at Surat’s annual jewellery event

retail
By retail November 18, 2020 15:48

Lab-grown diamonds to sparkle at Surat’s annual jewellery event

SURAT: Diamond connoisseurs would be able to witness a wide range of collection of the lab-grown diamond jewellery and loose stones under one roof. For the first time, the annual gems and jewellery exhibition ‘Sparkle-2020’ organised by the Southern Gujarat Chamber of Commerce and Industry (SGCCI) will have exhibitors from the lab-grown diamond industry to boost the demand in Surat and across the country.

Surat has emerged as the leading manufacturer of lab-grown diamonds and jewellery, which is about 60% cheaper compared to natural diamond ones. Due to the growing acceptance of lab-grown diamonds in India and abroad, the SGCCI decided to give a platform to the emerging industry.

According to SGCCI office-bearers, over 35 lab-grown diamond and jewellery manufacturers have already registered for the event scheduled from December 26.

Vijay Mangukiya, chairman of SGCCI’s gems and jewellery exhibition committee told TOI, “Natural and lab-grown diamonds are two different categories and we want them to co-exist in Surat’s industry.

“Till now, lab-grown diamond makers were not given the opportunity to exhibit their products due to the perceived threat of damaging natural diamond market. This is the first time that we have encouraged them, and the response is overwhelming,” added Mangukia who is also a jewellery manufacturer.
Till now, SGCCI has received registration of about 150 exhibitors, mainly jewellery and diamond manufacturers from Surat, Ahmedabad and Mumbai.
Sanjeev Shah, a lab-grown diamond manufacturer told TOI, “Lab-grown diamond demand in India, U.S and Europe is increasing. They (lab diamonds) are the cheapest option of natural diamonds and consumers who can’t afford natural diamonds are buying them.”

According to the figures provided by the Gems and Jewellery Export Promotion Council (GJEPC), export of lab-grown diamonds increased 21% to Rs 1,500 crore between April-September, against Rs 1,200 crore in the corresponding period last year.

Dinesh Navadiya, president of SGCCI said, “We want to provide transparency and clarity to the consumers on lab-grown diamonds. The jewellers should specify the type of diamonds they are selling. Lab-grown diamond has a different market altogether and it is growing in India.”

 

Courtesy : THE TIMES OF INDIA

retail
By retail November 18, 2020 15:48
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