Lab-grown diamond exports expected to grow by 7-9% in FY25: Report
Diamonds (LGDs) exports are expected to witness a revival in FY25, with exports expected to grow by 7-9% to reach a value of~US$1500-1530 million, according to CareEdge Advisory.
LGD exports have been declining in recent time, and have seen around 16.5% decline y-o-y for FY24. While the sales volume of LGDs have been growing, the declining prices have impacted the exports. Nevertheless, the depreciating rupee is likely to act as a cushion for the industry, believes CareEdge Advisory.
Going forward the demand for LGD exports are expected to revive in FY25, as demand for naturally mined diamonds may remain sluggish. This is attributed to its price point, environmental sustainability, and intensified competition from India against other leading LGD-producing nations.
Tanvi Shah, Director, CareEdge Analytics and Advisory said, “The LGD exports are expected to witness a revival with expected growth of 7-9% to reach ~US$1500-1530 million in FY25. Faced with ongoing geopolitical and economic disruptions globally, the gems & jewellery industry is relying on the rapidly growing LGD market to mitigate the effects of low demand for natural diamonds. Due to low cost of man-made diamond, domestic consumption and exports are expected to increase in this fiscal.”
*Perspective by Mr. Colin Shah, MD, Kama Jewelry on ‘Outlook for Lab Grown Diamond Exports for FY25’ basis CareEdge Report*
Commenting on the report Colin Shah, managing director, Kama Jewelry said «LGDs have been the talk of the town ever since consumers realised
