Lab growns and natural diamonds will coexist in the future, says Vipul Shah, chairman of the Gems and Jewellery Export Promotion Council (GJEPC).
He was speaking at the IIJS Signature, which opened in Mumbai on Friday (5 January 2024).
“With natural diamonds, there is an aspiration, whereas lab-grown diamonds are for affordability, and for fun and fashion,” he said.
“So, it’s a completely different segment … It is not going to be that one is going to take over the other,” he said.
He noted that the supply of natural diamonds would reduce over time, with no new mines due to open and some deposits reaching the end of their lives.
He said the lab grown and natural consumer bases would complement each other.
“Natural diamonds are for those who have a desire for diamonds and they’re getting diamonds,” he said.
“Also, if you are looking for investment, you will choose natural diamonds. So, the idea is that once first-time buyers start with lab-grown diamonds, they will aspire to buy natural diamonds.”
Source: IDEX