India Luxury Lab Grown Diamond Jewelry Market to Grow with a CAGR of 12.8% through 2030

The India luxury lab-grown diamond jewelry market is driven by ethical consumerism, cost advantages over mined diamonds, and technological advancements. Rising demand for customization, digital retail, and bridal segments further fuels growth.

According to TechSci Research report, “India Luxury Lab Grown Diamond Jewelry Market – By Region, Competition, Forecast & Opportunities, 2030F”, India Luxury Lab Grown Diamond Jewelry Market was valued at USD 342.85 Million in 2024 and is expected to reach USD 706.25 Million by 2030 with a CAGR of 12.8% during the forecast period. The India luxury lab-grown diamond jewelry market is experiencing rapid growth, driven by shifting consumer preferences toward sustainable and ethically sourced alternatives to mined diamonds. A key driver is the increasing affordability of lab-grown diamonds, which offer the same brilliance and quality as natural diamonds at a fraction of the cost, making luxury jewelry more accessible to a broader consumer base. Rising environmental and ethical concerns, particularly among millennials and Gen Z, are further accelerating demand, as lab-grown diamonds eliminate the ecological and humanitarian issues associated with traditional diamond mining. Additionally, advancements in production technologies, such as Chemical Vapor Deposition (CVD), have enhanced the quality and size of lab-grown diamonds, boosting their appeal in high-end jewelry. 

However, the market faces challenges, including consumer perception hurdles, as some buyers still associate lab-grown diamonds with lower value compared to natural diamonds. The lack of standardized certification and grading systems also creates confusion, potentially hindering market trust. Furthermore, while production costs are declining, initial capital investments for manufacturing facilities remain high, limiting entry for smaller players. Competition from established natural diamond brands, coupled with aggressive marketing strategies promoting mined diamonds as "real" and "rare," poses another obstacle. Despite these challenges, the market is poised for sustained growth, supported by increasing brand collaborations, celebrity endorsements, and government initiatives promoting sustainable industries. As awareness and acceptance rise, India’s luxury lab-grown diamond jewelry market is set to redefine the future of fine jewelry.

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The India Luxury Lab Grown Diamond Jewelry market is segmented into manufacturing method, nature, application, and region.

Based on the application, In the India Luxury Lab-Grown Diamond Jewelry Market, lab-grown diamonds cater to both industrial and fashion applications. However, the fashion segment has emerged as the fastest-growing, driven by a surge in demand for high-quality, gem-grade stones used in luxury jewelry. This growth is fueled by rising disposable incomes, increasing awareness around ethical and sustainable alternatives, and a shift in consumer preferences toward affordable luxury. The popularity of rings, earrings, and necklaces is especially strong among urban millennials and Gen Z consumers. Moreover, strategic brand investments, influencer marketing, and expanding retail footprints are accelerating the segment’s dominance in India’s evolving luxury jewelry landscape.

Based on region, South India is emerging as the fastest-growing market for luxury lab-grown diamond jewelry, driven by rising disposable incomes, urbanization, and shifting consumer preferences. Cities like Bangalore, Hyderabad, and Chennai have a tech-savvy, young, and environmentally conscious population that values ethical and sustainable luxury. The region’s strong IT and corporate workforce prefers modern, lightweight jewelry with contemporary designs, making lab-grown diamonds an attractive choice. Additionally, South India has a thriving gold jewelry market, and retailers are now expanding into lab-grown diamonds to cater to evolving tastes. The growth of e-commerce and digital-first jewelry brands further accelerates adoption in this region. With increasing marketing efforts and celebrity endorsements, South India is poised for exponential growth in the coming years. East India, led by Kolkata, has a slower adoption rate compared to other regions but shows potential due to its heritage in jewelry craftsmanship. The preference for traditional gold and natural diamond jewelry remains strong, but increasing awareness of sustainability is creating a niche demand for lab-grown diamonds. Kolkata’s established jewelry retailers are beginning to experiment with lab-grown collections, targeting younger buyers. While not a leading market yet, East India is expected to grow as affordability and ethical considerations gain prominence.

Major companies operating in India Luxury Lab Grown Diamond Jewelry market are:

• Tanishq (India) Limited
• Novel Jewels Limited
• De Beers plc
• CaratLane Trading Private Limited
• Krishna Jewellers Pearls & Gems
• Jewelbox
• SYNDIORA
• KIRA DIAM LLP
• FionaSolitaires Private Limited
• Anantaa Diamonds 

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“Traditionally, India’s Luxury Lab Grown Diamond Jewelry market has been dominated by natural diamonds and gold. However, lab-grown diamonds are gradually making inroads into this segment due to their affordability, ethical appeal, and indistinguishable quality. Brides and grooms are increasingly opting for lab-grown diamond engagement rings, wedding bands, and heirloom pieces as a cost-effective yet luxurious choice. Festive occasions like Diwali and weddings are also seeing a surge in demand for lab-grown diamond jewelry, as consumers look for statement pieces without the premium price tag of mined diamonds. Jewelry brands are capitalizing on this trend by launching bridal collections, offering financing options, and marketing lab-grown diamonds as a modern, responsible choice for milestone celebrations“, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

"India  Luxury Lab Grown Diamond Jewelry Market, By Manufacturing Method (HPHT (High Pressure High Temperature), CVD (Chemical Vapor Deposition)), By Nature (Color, Colorless), By Application (Industrial, Fashion), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of India Luxury Lab Grown Diamond Jewelry market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Luxury Lab Grown Diamond Jewelry market.

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