Surat : An interactive meeting was organized by the Southern Gujarat Chamber of Commerce and Industry (SGCCI) in Surat to provide information about the rapidly growing market for laboratory-grown diamonds (Labgrown). The event, held under the SGCCI Global Connect Mission 84 initiative, aimed to educate diamond industry professionals and traders about the opportunities, challenges, and future of this emerging technology.
Labgrown expert Amish Shah provided valuable insights to the attendees. He highlighted the historical development of Labgrown, noting that the first diamond was successfully grown in a laboratory in 1951. Initially met with skepticism, Labgrown has gained significant traction in recent years, with the market experiencing a 38% annual export growth.
Shah emphasized the economic potential of Labgrown. He pointed out that diamond exports from Surat contribute 3-5% of India's gross value addition, while Labgrown contributes a significantly higher 18-20%. This highlights the potential for Labgrown to further boost the Indian economy.
The meeting also discussed the recent gift of a 7.5-carat Labgrown diamond by Indian Prime Minister Narendra Modi to US President Joe Biden's wife, Jill Biden. This significant event further underscores the growing acceptance and popularity of Labgrown diamonds on the international stage.
Looking towards the future, Shah advised Labgrown manufacturers to focus on design and value addition. He predicted an unlimited supply of Labgrown in the future, necessitating a shift towards differentiation through unique designs and added value. He emphasized that Labgrown shouldn't be considered an investment but rather an "experiential experience," with the potential to expand the market for diamond jewelry.
The event was attended by prominent members of the Surat diamond industry, including chamber officials, diamond industrialists, and traders. This gathering signifies the growing interest and engagement of the Surat diamond industry in the Labgrown sector.
With its focus on education, collaboration, and innovation, the SGCCI Global Connect Mission 84 is playing a crucial role in supporting the growth of the Labgrown diamond industry in Surat and India. As the market continues to evolve, events like this will be essential to ensure that the industry remains informed, adaptable, and competitive.
