India Could Double Exports of Lab-Made Diamonds on Back of Greater US Demand
India may double its exports of laboratory-made diamonds in the current financial year, the Gem & Jewellery Export Promotion Council's vice chairman, Vipul Shah, said in an interview, Bloomberg reported Aug. 22. Following a drastic uptick in U.S. demand and…
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a more widespread acceptance of lab-made gems in other markets, India -- which cuts or polishes around 90% of the globe's diamonds -- will boost exports of lab-made stones. Shah said exports could grow to $7 billion or $8 billion in the next few years following the growth of U.S., U.K. and Australian demand. In the April-July period this year, exports of polished lab-grown diamonds from India jumped 70% to around $622 million, while exports of mined diamonds fell around 3% to $8.2 billion in the same period, Bloomberg said.