India's Gem & Jewellery Export Promotion Council (GJEPC) has published its full-year trade figures for FY2023-24 (April 2023 to March 2024). For laboratory-grown diamonds, they tell an interesting story.
The headline numbers
- Gross exports of polished laboratory-grown diamonds: about US$1,402 million in FY2023-24
- Previous year (FY2022-23): about US$1,680 million
- Change: down about 16.5% in value
Why value fell
The main reason is price. As production capacity has grown around the world, the price per carat of laboratory-grown diamonds has come down. Lower prices mean the same number of carats is worth fewer dollars in trade statistics.
Why that is good news for buyers
- More diamond for your money. Buyers can choose larger stones and better grades than a year or two ago.
- More jewellery at accessible prices. Retailers can offer diamond pieces at price points that used to be impossible.
- A maturing market. Prices settling at efficient production levels is what healthy, mainstream markets look like.
The USA leads demand
The United States remains the largest market for India's laboratory-grown diamonds. Industry reports put India's exports of lab-grown diamonds to the US at around US$831 million in FY2023-24, and India supplies the large majority of the worked lab-grown stones the US imports.
What it means for jewellers
For retailers and designers, this is a buyer's market: stable supply, a wide range of shapes and sizes, and competitive per-carat pricing. It is a good time to build or expand a lab-grown collection.
Keep an eye on pricing
Because prices move, always ask your supplier for a current list. Ours is published on our price list page and can be downloaded as PDF or Excel.
