In a world of natural diamonds, making its way into your jewel box is Laboratory Grown Diamond jewellery. Already making waves in the jewellery industry with its presence, News18 explores the world of lab-grown diamonds and how they can be your best friend too.
Diamond, a precious stone that defines love when placed on a ring and defines royalty when placed on a crown is one of the most sought-after gemstones across the globe. As per the International Gemological Institute (IGI) lab-grown diamonds have the same physical, chemical, and optical properties as natural diamonds. The only difference being that natural diamonds take billions of years to form within the earth, whereas lab-grown diamonds take anywhere between a few days to a few weeks to form.
IGI has the expertise of grading natural diamonds in the last four decades and have been using the same expertise for grading Lab Grown Diamonds. “IGI is the world’s first gemological laboratory to hold ISO accreditation in both natural and lab grown diamond grading. We sensed a rising need in the market and believed that the end customer deserved an opportunity to make an informed choice while opting for a diamond. Certifying natural as well as lab-grown diamonds ensures that customers have the freedom to make a choice. Lab-grown diamonds are graded and certified on the same parameters as natural diamonds that Colour, Clarity, Size / weight and the Cut and how the diamond reflects light,” says Tehmasp Printer, MD & President, IGI India.
So, are lab grown diamonds 100% real? “Lab grown diamonds are 100% real and pure diamonds. There is absolutely no difference to natural diamonds as they are 100% composed of carbon and have the same optical, thermal, physical, and chemical composition,” expresses Pooja Sheth, MD & Founder of Limelight Lab Grown Diamonds Ltd, a sustainable luxury brand offering lab grown CVD diamond studded jewellery.
A Sustainable Choice
Sangeeta Boochra jewellery is all about sustainability and being environment friendly, hence the brand makes an effort to source raw materials through ethical means. “When lab grown diamonds came into the market – we felt it meets most of our brand’s requirements and most importantly we are giving something back to the society under our corporate social responsibility,” expresses Abhineet Boochra, co-Founder, Sangeeta Boochra.
As a sustainable and eco-friendly gemstone, lab grown diamonds are champions of nature. “1 carat of a lab grown diamond can save up to 109 gallons of water and 250 tonnes of land extract,” informs Pooja Sheth.
Cost Effective
Since they are not mined and don’t incur mining costs, lab grown diamonds are at least 50% cheaper than natural diamonds. “The cost effectiveness of a lab grown diamond in no way means that lab grown diamonds are inferior in quality. In fact, lab grown CVD diamonds are superior in quality than most natural diamonds as they are the purest Type IIa diamonds which have a better shine and lustre – something is only found in 2% of natural diamonds,” informs Pooja, whose brand Limelight offers a lifetime guarantee of 80% buyback and 100% exchange on all its jewellery.
A Designer’s Paradise
For homegrown brand Syndiora, which designs handcrafted lab-grown diamond jewellery, their designs celebrate the gemstones in various styles. “We have crafted an array of collections catering to different occasions. You will fall in love with its everlasting beauty, enduring qualities, and low maintenance. Plus, the entire collection is designed to be mixed and matched, so you can create hundreds of different looks. Every design created in lab-grown diamonds will make you feel like royalty and the sustainable choice will be a gift to Mother Earth.” says Ankita Gupta, founder, Syndiora. One-of-a-kind jewellery with lab created diamonds, they come in gorgeous hues and brilliant cuts. From earrings and pendants to customized engagement ring and wedding jewellery, there’s something for everyone who desires jewellery made with lab-grown diamonds.
Calling it a genius discovery, Vandana M Jagwani, founder, Vandals, says, “I was attracted to lab-grown diamond products because the end product is exactly the same as natural diamond jewellery. Lab-grown diamond is a genius discovery, a new creation with a better price point. As for the demand, it has really jumped and this year we are going to see an even bigger jump. Europe and America are definitely booming in lab-grown diamonds and India is already seeing multiple stores being opened throughout the year.”
Demand and Supply
With awareness about lab grown diamonds spreading across the length and breadth of the country, lab-grown diamonds are indeed a creation of luxury that has captured the attention of millennials who form the majority of the ‘informed buyers’ category. “We are witnessing a high demand in this category, especially with Valentine’s Day round the corner and a diamond ring considered the penultimate token of love. It is observed that the millennial buyer is on the lookout for progressive technology combined with traditional charm and lab-grown diamond jewellery is where this search ends,” expresses Tehmasp Printer, MD & President, IGI India.
According to Pooja Sheth consumers are now more educated on these non-mined diamonds and how they are grown in labs but remain 100% real. “The unique and independent personality of lab grown diamonds as a sustainable and environmentally friendly, yet extremely affordable gemstone is being well accepted in the millennial consumers and is increasingly reflecting in the sales of lab grown diamond studded jewellery across India. We have seen this culminate into tremendous sales with 60% growth in revenue year on year and great response across all our partner stores pan India,” expresses Sheth.
Market Value
When it comes to jewellery shopping, value for money and its market value are two important aspects taken into consideration. Jeeyan Patwa, founder, AVANT, a diamond manufacturing company that cuts polishes and sells lab grown diamonds to jewellery retailers, factories, and diamond dealers globally, states:
- Lab grown diamonds are being sold at a 60-80 percent discount than similar spec mined diamonds today.
- As the market for lab grown diamonds gets established, they will be resold at prevailing market prices just like the case for mined diamonds. For example, if you buy a mined diamond today and if you go to sell it after two years and if the market price has gone down, the retailer will buy at the current market price. Similarly, for lab grown too the retailer will offer buy back at current market prices.
Is India ready to replace natural diamonds?
They say a Diamond is a Girl’s Best Friend, so, can a Laboratory Grown Diamond replace natural diamonds? Ami Gokani, director, Kama Schachter strongly feels even though lab-grown diamonds compared to real diamonds are cheaper, it’s a personal choice when a person is buying natural or lab-grown diamonds. “I personally come from the world of real diamonds and do agree diamonds are a girl’s best friend. What’s rare about a piece of jewellery is just not the diamond, but the design, craftsmanship and the skill set with which it’s made. Lab grown diamonds or man-made diamonds will not replace real diamonds,” expresses Ami.
Jeeyan believes that lab-grown diamonds are making diamonds affordable and accessible to a large population that has never bought diamonds before. However, he feels there’s resistance from the traditional jewellery retail formats. “They are not ready to sell lab-grown diamond jewellery as yet maybe due to the fear of their business getting cannibalised. In the future, either their business will get disrupted by new entrants or they will have to listen to what the customer desires and sell lab-grown diamond jewellery,” adds Jeeyan Patwa.
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