January 2023 | Lab Grown Magazine

January 2023 | The Lab Grown Diamond Resource Book 22 Mailed to 24,000 Jewelers Monthly - To advertise call (888) 832-1109 | January 2023 23 STUDS - ROUND & FANCIES BRIDAL RINGS WEDDING BANDS TENNIS BRACELETS TENNIS & RIVIERA NECKLACES Manufacturer & Wholesaler Melee & Pointers Certified Diamonds Jewelry Memo Program Keep in mind, this exporter data is primarily, if not exclusively, devoted to mined diamonds. Similar statistics, specific to LGDs, are scarce and challenging to obtain, let alone cross-reference. Regardless, we found reliable and current data, and frankly, India keeps showing up with strong advantages. Advantages, when strategically leveraged, that could dominate diamonds worldwide. Diamonds Entering the Golden Stage Starting on exceptionally strong footing, India hit the diamond floor running. India is the world’s largest diamond exporter, based on value. That value total was $22 billion dollars in 2019. Some note the comparison of a $15.2 billion total worth of exports in 2020, but this decrease is based on a broader trend in declining diamond export values that occurred that same year. India’s cut and polished diamond exports totaled $2.48 billion in June 2021 – a growth of 122.70% year-on-year. India is one of the largest diamond cutting centers in the world. Raw diamonds are imported, evaluated, cut and polished accounting for over ninety percent of polished diamonds. Ninety percent… let that sink in for a moment. Add the fact that all major diamond brands have a strong business and operating presence in India. Let’s also factor in the diamond activity occurring within the country. The preference for gems are increasing, especially within self-purchasing Indian female groups. In May of 2022, David Kelllie, CEO of the Natural Diamond Council (NDC) traveled to India. In reference to his visit, he noted how interesting it was to “see how even Malabar, Tanishq, and niche companies, which were traditionally gold stores, had done a really good job of creating different areas for diamonds -- nearly twenty-five percent of their entire store footprints,” Kellie said. “I was in India when the pandemic broke out, and at that time, everything was ‘gold, gold, gold’. But now, the same consumer may be buying gold as an investment and diamonds because they are desirable,” Kellie added. Colorless Market by Color DIAMOND MARKET BY REGION Market by Distribution 2022 2022