With the world shaking off the economic hangover induced by the pandemic, it is now time to step out in the market armed with deep pockets thanks to lockdown led savings. And what better way to spend that hard earned, hard saved money than on jewellery. It is after all a matter of great celebration, that we have as a collective whole, lived through a once in a lifetime event. And with the hungry customer now looking to pamper themselves with splurging on luxury goods, the usual destination is naturally glittery, shiny jewellery.
We are a country that loves to wear our bling with pride, and thanks to our supremely talented artisans, Indian jewellery has earned a name for itself world over. Home to the world’s largest diamond polishing hub at Surat, India not only exports most of the world’s diamonds but is soon gearing up for a new revolution in the jewellery sector. The heightened awareness for the need to be protect our planet and its resources has led to a major jewellery house in the world, Pandora, to shift their focus on lab grown diamonds, with Surat quite obviously being the pick to have the worlds largest lab grown diamond (LGD) manufacturing units.
If words aren’t enough to convince you of the rising popularity in LGDs, it must be known that according to Gems and Jewellery Export Promotion Council (GJEPC), exports saw a 105.58 percent increase in the April and May 2022 as compared to the same period in 2021. That amounts to $325.45 million in exports which accounts for 15 percent of the production volume in the segment.
There is a growing opportunity in how these diamond producers can overtake the conventional mined stone, with great interest being shown by countries like Hong Kong, USA, UAE, Israel, and Belgium lining up to import the stones from our producers in India. So much so that exports made up more than 50 percent of the diamonds sold. This offers a clear indication that the world is now increasingly more open to accepting LGDs as an option for luxury jewellery.
The fact that LGDs can be traced to their origins, thus providing the customer a complete snapshot of its production, impact on the environment- with retailers claiming the stones to be 55-60% greener than the mined stone. While providing ownership to a gemstone that is near indistinguishable from the mined version proves that the opportunities are endless for manufacturers and customers alike.
While Indian made LGDs have certainly caught the fancy of jewellery enthusiasts abroad, the domestic market for now is mostly dominated by the industrial sectors & research. The bling, only amounting to a mere 2 percent of the market. Signalling a major gap to be filled by the jewellery designers in this country. So much so, the Govt of India is planning on introducing production-linked incentives (PLIs) for the industry with the aim to further boost exports and support growth of the Indian consumer market.
In an event conducted by the GJEPC, Chairman Colin Shah expressed confidence and gratitude towards the GoI that promised, ”to build and sustain a stronger and self-reliant domestic cutting and polishing industry”. The initiative has the potential to create over 1 million jobs and help meet the demand of the jewellery as industrial sectors.
Another key area for jewellery designers to focus their attention is on the millennials and Gen-Z population, a segment of the growing Indian population that is hyper aware of the need to protect the planet. The fact that LGDs are environmentally and humanly sustainable, are almost 30-40 percent less expensive than the conventionally mined stones, and yet high quality, has all the ingredients for success. With millennials and Gen-Z making the bulk of the workforce in India, the aspiration to own luxury jewellery and to do so sustainably is the perfect mix for these new customers.
For the new aged customers are more conscious of their choices and know how to express themselves confidently and boldly, it is imperative to have jewellery that is designed to meet their demands. At Avira Diamonds, we aim to do just that, to provide our customers with truly eye-catching designs that will make them shine on every occasion. Our collection uses diamonds that are carefully crafted keeping in mind the delicate balance to maintain for our planet while also ensuring the result is not too expensive on the pocket. At Avira, we believe in representing the need of the hour, which is to provide a solution to tackle the ever-looming climate change while also ensuring you sparkle with virtue.