Lab-grown diamond industry has a three-star formation in Surat

India is spearheading the growth in lab-grown diamonds (LGDs), globally, with a clutch of companies.

India is spearheading the growth in lab-grown diamonds (LGDs), globally, with a clutch of companies. Here are the three major companies which have helped the country to excel in LGDs in the international market.

Greenlab Diamonds: It has four factories for manufacturing LGDs and it is in the process of building another -- all in Surat, the diamond hub of the country. It was in the news last year after making the largest LGD at 27.27 carat labelled Om. The previous record was held by China with 16.41 carats.

Smit Patel, partner of the company, said Greenlab exported Rs 600 crore in FY22. In the current year, its export has already touched Rs 800 crore by December 2022. The company has been seeing an annual growth of 300-400 percent since 2018, when it was formed. His family has been in the diamond business for over 50 years. Greenlab produces 2 lakh carats of LGDs a month.

Limelight Lab Grown Diamonds: The Surat-based Limelight is backed by the major diamond grower and producer Bhathwari Group.  It claims to be the largest producer of LGDs, and uses the chemical vapour deposition technology (CVD).

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Pooja Sheth Madhavan, managing director of the company, said the group annually produces 5 million carats and over 90 percent is exported, particularly to the US, which has been the largest consumer market for diamonds.

Limelight Diamonds is also focused on establishing its footprint in the Indian market. It is present in 18 cities, with its flagship stores in Mumbai and Kolkata, and has a network of over 65 partners in cities like Hyderabad, Bengaluru, Chennai, Delhi and Ahmedabad.

Cupid Diamonds: Established in 2015, Cupid Diamonds has three factories in Surat. Its production is 3 lakh carats a month.

Milan Ashwin Shah, director, said its export of LGDs amounts to Rs 800 crore. In the last three years, the company has witnessed a 200-300 percent increase in export. Around 98 percent of the export is to the US.