Lab-Grown Diamond Prices May Surge by 20% Following Hong Kong Success

Surat : Lab-grown diamond (LGD) manufacturers in India have unanimously decided to increase LGD prices by 20% in the international market after receiving an overwhelmingly positive response during the ongoing Hong Kong International Diamond, Gem & Pearl show from September 18 to September 22.

The decision to hike prices was announced by Raj Dholakia,  from Surat, who took to Facebook to share the exciting news. He stated, “Following the overwhelming success of LGDs at the Hong Kong diamond show, we are thrilled to announce the hike of 20% in LGD prices.”

On the occasion of Ganesh Chaturthi, LGD manufacturers from Surat and Mumbai, who are actively participating in the Hong Kong event, convened a meeting and unanimously agreed to implement the 20% price increase.

This price adjustment comes at a time when LGD prices in the international market have significantly declined, plummeting from $350 per carat to less than $30 per carat. It’s worth noting that the United States (US) represents the largest market for LGD consumption worldwide.

The decision to increase LGD prices is seen as a boon for Indian LGD manufacturers, particularly in light of the ongoing US sanctions on natural diamonds and Ukraine’s labeling of Indian diamond company Shree Ram Krishna Exports (SRK) as an ‘International War Sponsor.’ These developments have created an opportune moment for the LGD industry in India.

Market insiders have revealed that LGD manufacturers in Surat and Mumbai are actively pursuing increased exports to the US and China to tap into the growing consumer market, particularly in preparation for the upcoming Christmas season. The recent surge in demand for lab-grown diamonds underscores the industry’s potential for further growth and expansion on the global stage.