India Luxury Lab Grown Diamond Jewelry Market Size, Share, and COVID-19 Impact Analysis, By Manufacturing Method (HPHT and CVD), By Nature (Color and Colorless), By Size (Below 2 Carat, 2 Carat - 4 Carat, above 4 Carat), By Application (Industrial, Fashion), and India Luxury Lab Grown Diamond Jewelry Market, Insight, Industry Trend, Forecasts to 2035.

India Luxury Lab Grown Diamond Jewelry Market Insights Forecasts to 2035

• India Luxury Lab Grown Diamond Jewelry Market Size 2024: USD 336.41 Million
• India Luxury Lab Grown Diamond Jewelry Market Size 2035: USD 1242.89 Million
• India Luxury Lab Grown Diamond Jewelry Market CAGR: 12.62%
• India Luxury Lab Grown Diamond Jewelry Market Segments: Manufacturing Method, Nature, Size, and Application 

The luxury lab grown diamond jewelry sector refers to high-end jewelry made from diamonds that are grown in a lab instead of being mined from the earth. Lab-grown diamonds are made using advanced technology such as high pressure high temperature (HPHT) and chemical vapor deposition (CVD), which imitates the natural process of diamond formation. Lab-grown diamonds have the same physical, chemical, and optical properties as natural diamonds but are more environmentally friendly and sustainably sourced. Luxury lab-grown diamond jewelry is commonly used in engagement rings, wedding bands, necklaces, bracelets, earrings, and designer jewelry collections for consumers who are looking for high-quality, environmentally responsible, and affordable alternatives to natural diamonds.

The Indian government has removed the tariff on the import duty on lab-grown diamond seeds, which is a major boost for the luxury lab-grown diamond jewelry sector. By lowering production costs and encouraging domestic manufacturing, the policy strengthens India’s position as a global hub for lab-grown diamonds. For luxury brands, this translates into more competitively priced, sustainable, and ethically marketed jewelry, enhancing both domestic demand and export competitiveness. The government also provided research grants (notably to IIT Madras) to support indigenous R&D in lab-grown diamond technology and reduce dependence on imports of equipment and seeds.

India’s Bureau of Indian Standards has mandated clear terminology for lab-grown diamonds, requiring labels such as “laboratory-grown” or “laboratory-created” while banning misleading terms like “fake” or “artificial.” This move boosts consumer confidence, aligns India with global norms, and strengthens the ethical, sustainable, and premium positioning. India is embracing lab-grown diamonds as part of the affordable luxury segment, with opportunities for a strong sales surge during the festive season. Additionally, it states that it emphasizes shifting consumer preferences toward sustainable, ethical, and cost-effective luxury options, positioning lab-grown diamonds as a mainstream choice in premium jewelry.

Market Dynamics of the India Luxury Lab Grown Diamond Jewelry Market:

The luxury lab-grown diamond jewelry market in India is fueled by the growing demand for sustainable and responsibly sourced jewelry, particularly among millennials and Gen Z consumers. Advances in CVD and HPHT technology have increased the quality of lab-grown diamonds, allowing for high-end designs that rival natural diamonds in price. The government's efforts to reduce customs duty and invest in research and development have enhanced local production. The growing retail presence of brands such as limelight diamonds and titan company adds to the increased awareness and availability of lab-grown diamond jewelry.

The luxury lab-created diamond jewelry market is constrained by the lack of consumer awareness, perception issues compared to natural diamonds, pricing variability, concerns about resale value, the absence of standardized certification, and competition from established traditional diamond brands in India.

In accordance with the MVI Marketing Survey, 70% of Indian consumers under the age of 40 choose lab-grown diamonds for ethical and environmental reasons. According to reports from the Diamond Producers Association (DPA), lab-grown diamonds release 90% less carbon than mined diamonds. Millennials and Gen Z, who value sustainability and transparency, are embracing lab-grown diamonds as a guilt-free luxury. Certifications from organizations such as the International Grown Diamond Association (IGDA) increase consumer confidence, further fueling market growth.

Market Segmentation

The India luxury lab grown diamond jewelry market share is classified into manufacturing method, nature, size, and application 

By Manufacturing Method:

The India luxury lab grown diamond jewelry market is divided by manufacturing method into HPHT and CVD. Among these, the CVD segment controlled the market share in 2024 and is expected to grow at a significant CAGR during the forecast period. The CVD segment controlled the market due to its cost-effectiveness, ability to produce larger and purer stones, and suitability for premium jewelry applications.

By Nature:

The India luxury lab grown diamond jewelry market is divided by nature into color and colorless. Among these, the colorless segment dominated the share in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period. This segment dominance is driven by the strong demand for traditional white diamonds used in engagement rings, wedding jewelry, and classic designs that appeal to mainstream consumers.

By Size:

The India luxury lab grown diamond jewelry market is divided by size into below 2 carat, 2 carat – 4 carat, above 4 carat. Among these, the 2 carat asynchronous learning segment held the largest revenue market share in 2024 and is predicted to grow at a remarkable CAGR during the forecast period. The 2 carat is led due to its strong demand for smaller carat weights in everyday luxury pieces, engagement jewelry, and more affordable options that appeal to a wider consumer base, while still offering the brilliance and quality of lab-grown diamonds.

By Application:

The India luxury lab grown diamond jewelry market is divided by application into Industrial, Fashion. Among these, the fashion segment accounted for the highest market share in 2024 and is anticipated to grow at a notable CAGR over the forecast period. Fashion segment lead because of the increasing consumer preference for lab-grown diamonds in jewelry applications such as engagement rings, necklaces, earrings, and other fashion pieces, where their affordability, sustainability, and design versatility are expanding demand more rapidly than industrial uses.

Competitive Analysis:

The report offers the appropriate analysis of the key organisations/companies involved within the India luxury lab grown diamond Jewelry market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

Top Key Companies in India Luxury Lab Grown Diamond Jewelry Market:

• Anjali LabTech Limited
• Avtaara
• Diabon Diamonds
• Finegrown Diamonds
• Greenlab Diamonds
• Kira Diamonds
• Labon Diamonds
• Laxmi Diamond
• Limelight Lab Grown Diamonds
• SGL (Solitaire Gem Labs) Lab Grown Division
• Others

Recent Developments in India Luxury Lab Grown Diamond Jewelry Market:

In January 2026, Limelight Lab-Grown Diamonds expanded its South India presence with a new store in Coimbatore, reinforcing its leadership in sustainable luxury jewelry. The brand highlights affordability, eco-friendliness, and modern appeal, catering to rising demand for lab-grown diamonds among younger, conscious consumers across India’s premium jewelry market.

In Sep 2025, In Surat, the opening of the world’s largest lab-grown diamond jewelry showroom marks a milestone for India’s luxury jewelry market. It showcases lab-grown diamonds as premium, sustainable alternatives, elevating consumer perception and positioning Surat as a global hub for luxury innovation.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at the India, regional, and country levels from 2020 to 2035.Spherical Insights has segmented the India luxury lab grown diamond jewelry market based on the below-mentioned segments:

India Luxury Lab Grown Diamond Jewelry Market, By Manufacturing Method

• HPHT
• CVD

India Luxury Lab Grown Diamond Jewelry Market, By Nature

• Color and
• Colorless

India Luxury Lab Grown Diamond Jewelry Market, By Size

• Below 2 Cara
• 2 Carat – 4 Carat
• Above 4 Carat

India Luxury Lab Grown Diamond Jewelry Market, By Application

• Industrial
• Fashion