What are Lab Grown Diamonds?
Lab grown diamonds are real diamonds grown through CVD – Chemical Vapour Deposition. This process begins with a thin layer of a natural diamond placed in the reactor, and the same environment that the diamond gets below the surface is re-created above the surface in the reactor.
This is similar to the test tube baby concept, where the end output is exactly the same but grown in a different environment. All CVD diamonds bear the same carbon composition and physical, thermal and optical characteristics as natural diamonds. Furthermore, they cost less than natural diamonds while being more uniform.
How are CVD Diamonds Formed?
CVD diamond is named after the process of Chemical Vapour Deposition. The diamond undergoes the same process as natural diamonds. It starts with the diamond seed; a thin layer is cut from the natural diamond to form the CVD diamond seed. This is a type 2A seed, the purest form of a diamond.
The seed is then polished and prepared for the required thickness to be placed in the CVD plasma reactor. Once placed in the reactor, the process begins precisely the same way as found under the earth's surface.
In an intense environment, the temperature and pressure are created like on earth. When the diamond is grown in the natural environment, serial other impurities, like Nitrogen & Boron, enter the diamond formation along the gases.
The CVD process is controlled and doesn't allow any contaminant to enter the diamond. Carbon particles slowly start disintegrating and forming a layer on the diamond seed. The result is that the rough CVD diamond is the same as the natural diamond, only purer.
The diamonds are removed with precision, and the cutting process beings. And they are the same CVD diamonds with the same physical, chemical and optical properties as natural diamonds. The guarantee of quality, the beauty of nature, a diamond desire to be perfect.
Growth in Demand for Lab Diamonds
According to industry officials, lab-grown diamond (LGD) demand is rising due to the post-pandemic period's affordability factor. A recent trade fair held by the Lab-Grown Diamond and Jewellery Promotion Council (LGDJPC) led to the consummation and facilitation of LGD deals worth Rs. 5,000 crores, indicating the demand for this product. As per LGDJPC's chairperson, the LGD market in India is estimated at ₹2,200 crores in 2021.
Currently, India contributes 15% to the global production of lab-grown diamonds. According to industry officials, it may turn into a global hub shortly. The LGDs business in India can grow to more than 40,000 crores in the next five years, said industry officials, adding that since mined diamonds are expensive [1 carat costs about 6. 5 lakhs, while the exact size of LGD costs ₹1.25 lakh], the demand for LGDs is growing fast.
Why has the Demand Increased for Lab Diamonds?
The Appearance of Lab-grown Diamonds is the Same as Natural Diamonds
The appearance of lab grown diamonds is the same as that of naturally occurring diamonds. There is only one noticeable difference: the price. According to Edahn Golan, an independent diamond industry analyst, the results are stunning.
Lab-grown Diamonds are Cheaper than Mined Diamonds
Consumers flock to synthetic diamonds for various reasons. The cost is a significant factor. The average retail price of the most popular one-carat round man-made diamond for an engagement ring in March was $2,318, Golan said. The price is substantially less - 73% cheaper than an identical-sized, cut, and clarity natural diamond, which would cost $8,740. Additionally, couples can buy a larger stone at a lower cost.
The number of engagement rings sold with synthetic diamonds increased by 63% from last year, while the number of engagement rings sold with natural diamonds declined by 25%. "This is actually happening." in the natural diamond industry, the biggest fear is that consumers will accept lab grown diamonds in engagement rings.
Growth of Export in Lab Diamonds
Lab grown diamonds are becoming increasingly popular in markets outside the US, where demand for cut or polished diamonds is soaring. About 90% of diamonds sold globally are cut or polished in India.
From $1.3 billion in the prior year, polished lab-grown diamond exports may double in the current financial year starting April 1, according to Vipul Shah, vice chairman of the Gem & Jewellery Export Promotion Council.
"In the next few years, we can double exports to $7 billion-$8 billion thanks to US demand and UK and Australian acceptance," he said.
In the April-July period, polished lab-grown diamond exports from India increased by about 70% to $622.7 million, while cut and polished mined diamond exports declined by about 3% to $8.2 billion.
Are lab-grown diamonds in demand?
Yes, lab-grown diamonds are increasingly in demand as consumers become more aware of their benefits. The market for lab-grown diamonds has grown significantly in recent years, with many retailers now offering them as an alternative to mined diamonds.
What is the future of lab diamonds?
The future of lab-grown diamonds looks promising as they are becoming increasingly popular as an ethical and sustainable alternative to mined diamonds.
What is the market size of lab-grown diamonds?
It was reported that India alone exported $443 million worth of lab-grown diamonds, which represented a 102% increase compared to last year.
How did lab-grown diamonds become popular?
This is mainly because lab-grown diamonds look the same as naturally occurring ones because the same process is replicated in the Lab. Price is the only noticeable difference.
Why are lab-grown diamonds popular?
The price is substantially less - 73% cheaper - than an identical-sized, cut, and clarity natural diamond, which would cost $8,740. Additionally, couples can buy a larger stone at a lower cost.