Gems and Jewellery - #SectorUpdates
One of the greatest sectors in the world, the Indian Gems and Jewellery sector contributes towards more than 29% of the world’s jewellery consumption. Additionally, it offers job possibilities to approximately 4.64 million people, including over 30,000 businesses in the Gems and Jewellery industries. Interestingly, India is now also a growing market for lab-grown diamond jewellery, and the CVD diamond players and manufacturers will undoubtedly help India to capitalize on the competitive edge of the new-age diamond. The good news is the demand for lab-grown diamonds is on a steady rise among the new age millennials. Lab-grown diamond shipments from April 2021 to January 2022 were Rs 8648 crore , up 113%, according to the Gems and Jewellery Export Promotion Council. Over 2,000 diamond reactors are currently operating in India, mostly in Surat, followed by Jaipur and Mumbai. The demand is increasing both locally and internationally, which has prompted the players in the lab-grown manufacturer industry to make attempts to significantly enhance production. The market for polished lab-grown diamonds in India is expanding at a rate of over 55% annually. The Indian Government has started working to regulate the sale of lab-grown diamonds in an effort to encourage industry patrons to enter this cutting-edge sector, which is expected to reach Rs 3,60,000 crore by the end of 2035 as a result of the growing demand for lab-grown diamonds. The Indian Government is also preparing special benefits to increase the production of lab-grown diamonds and develop incentive programmes tied to production.