Mumbai: Exports of lab-grown diamonds are expected to rise by 7-9 per cent to $1,500-1,530 million in 2024-25 as demand for naturally mined diamonds remains sluggish, a report by CareEdge Advisory said on Monday. Both domestic consumption and exports of man-made diamonds are expected to increase this fiscal due to their low cost, the report said.
“The LGD (lab-grown diamonds) exports are expected to witness a revival with expected growth of 7-9 per cent to reach $1,500-1,530 million in FY25. Faced with ongoing geopolitical and economic disruptions globally, the gems and jewellery industry is relying on the rapidly growing LGD market to mitigate the effects of low demand for natural diamonds,” CareEdge Analytics and Advisory Director Tanvi Shah said. LGD exports have been declining in recent times, and have seen around 16.5 per cent year-on-year decline in FY24, mainly on account of declining prices even though the volumes grew, the report stated.