Surat: Diamond is not an investment but an experiential experience, the market of Labgrown diamond will grow: Labgrown expert. Loktej Surat, Business News

Under SGCCI Global Connect Mission 84, an interactive meeting was organized at Sanhati, Sarsana on Monday to provide information to the diamond industry and traders about laboratory grown diamonds at international level. Labgrown expert Amish Shah provided guidance to traders about opportunities, difficulties and the future. Chaturbhai Chhabhaya, living in Atlanta, America, was also present in this meeting.

Indian Prime Minister Narendra Modi gifted a 7.5-carat ‘eco-friendly’ lab-grown diamond made in Surat to US President Joe Biden’s wife Jill Biden, Chamber of Commerce president Ramesh Vaghasia said. Currently India has 15 percent market share in Labgrown. The proportion of gems and jewelery in total exports is decreasing. Whereas the export of lab grown products is increasing by 38 percent. Diamond exports from Surat contribute 3 to 5 percent of gross value addition in India. Whereas in Lagron there is 18 to 20 percent gross value addition. Further, he gave a detailed presentation of SGCCI Global Connect Mission 84 and explained the importance of this project to strengthen India’s economy.

Labgrown expert Amish Shah said that the first diamond was grown in a lab above ground in the year 1951. In June 2006, when laboratory-grown diamond jewelry was demonstrated, people said at the time that it would never be possible for diamonds to be grown and accepted by consumers. Then in June 2016, Labgrown came into the market and now people are slowly accepting it. In the year 2018, the federal government acknowledged that both those that come from the ground and those that are grown on the ground in a lab are called diamonds.

Amish Shah, while talking about the future of Lebegrones, said that there will be an unlimited supply of Lebegrones, so he advised Lebegroen manufacturers to design and sell jewelery in different sizes of diamonds. Diamond industrialists and traders are currently selling technically grown diamonds (Labgrown) as a product, but in the future, the margin in Labgrown will be limited, so only those who add value to it and sell it will be able to survive in the industry. He said that diamond is not an investment but an experiential experience and the market for lab grown diamond jewelery is going to grow in future.

Chamber of Commerce Vice President Vijay Mewawala, then former President Himanshu Bodawala and diamond industrialist-trader were present in the meeting. Minister Nikhil Madrasi introduced Labgrown expert Amish Shah. Honorary Treasurer Kiran Thummar thanked everyone.