12k carats of lab-grown diamonds displayed at the GJEPC’s auction house for sale to Surat and foreign buyers

Surat: About 12,000 carats of lab-grown polished diamonds were displayed for viewing for the buyers at the first-ever auction of the lab-grown diamonds, taking place at the Gems and Jewellery Export Promotion Council’s (GJEPC) Navratna Auction house in Vesu on Tuesday.

The city-based Jaykar group, manufacturers of the lab-grown diamonds, have organized the auction for the first time. About 90 buyers have pre-registered with the group for viewing and participating in the auction, out of which about 15 buyers are from foreign countries including U.S and Antwerp.

Like natural diamonds, Surat is considered the manufacturing hub of lab-grown diamonds. In the last few years, the production of lab-grown diamonds in Surat has increased manifold, to cater to the ever-increasing demand for diamond-lovers in the U.S.

Sources said that lab-grown diamonds in sizes starting from 10 cents to 10 carats have been displayed at the auction house. The viewing will continue till October 1. The buyers will participate in the bidding process starting from October 2 to October 3 and that the results will be declared on October 4.

Sources at the Navratna auction house said the lab-grown diamond auction will continue for another six months. The lab-grown diamond manufacturers in Surat have already booked the auction house for the coming six months.