In the last few years, India has seen a surge in the demand for certified lab-grown diamond engagement rings. They have become a major staple of Gen Z and millennials. According to FICCI reports, the Indian lab-grown diamond market was valued at ₹1,200 crore and is expected to reach ₹2,000 crore (~$240 million) by 2026.
Loose diamonds and certified lab-grown diamond jewellery are an important part of the collection of major diamond sellers. Even a local jewellery store now has a huge collection of certified lab-grown diamonds in their store. Not only that today there are dedicated websites like Friendly Diamonds which specifically sell lab-grown diamonds. Most of the mined diamond industries are also trying their hands at creating manufacturing units for lab-grown diamonds. So let us understand why there is such a high demand for certified lab-grown diamond engagement rings in India in this article.
Why Is Everyone Saying Yes to Lab-Grown Diamond Engagement Rings in India?
- Affordability
Lab-grown diamonds have become an integral part of the jewellery sector because there is a huge difference in the price of a natural diamond over a lab-grown one. A lab-grown diamond costs about 40 to 60 % less than its mined counterpart. Therefore, they have become a hot favourite as a top choice for engagement rings.
- Challenging To Spot The Difference Between Lab And Natural
A lab-grown diamond looks identical to a mined diamond. It is quite tricky for the naked eye to differentiate whether a diamond is mined or lab-grown. Professional gemologists with loads of experience require sophisticated apparatus to find out the diamond’s origin. Therefore, people opt for the lab-grown ones because they give the same sparkle and elegant look
- Budget-friendly
An engagement ring is the centre of an engagement. It is a symbol of love, commitment, and personal expression. Therefore, it should look its best. An average mined diamond engagement ring costs about ₹2.5–₹4.5 lakh for 0.75 to 1 carat, GIA-certified, in gold or platinum. On the other hand, on the same budget, you can get a certified lab-grown diamond engagement ring with 0.90–1.10 carats, and the design would also be better.
- Easier Customization
Since the lab-grown diamond’s cost is 40 to 60 % less than a mined diamond, it frees your hand to try unique designs specially crafted as per your whims and fancies. In fact, websites that sell lab grown diamonds like Friendly Diamonds allow you to try a unique shape and even go to the extent of personal engravings to make your engagement ring all the more personal.
- Acceptance by GIA and IGI for certifications
The same institutes that certify natural diamonds certify the loose lab-grown diamonds. They have a strict grading system, especially in clarity and cut, which makes them all the more authentic. They also follow the same parameters as natural diamonds.
Conclusion
Certified lab-grown diamond engagement rings have entered the fabric of engagement and wedding occasions because of certification from IGI or GIA, ethical sourcing because of no harm to the ecosystem and the environment, better and bigger diamond options within budget and design freedom without financial strain.
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