Shining bright, India’s lab growing diamonds have experienced a surge in exports over the past three years, rising to a market of six-fold growth. This increase in demand for laboratory-made diamonds can be attributed to factors such as their price and the growing awareness about conflict diamonds. Established diamantaire Sanket Patel, Director of Greenlab Diamonds based in Surat, put India on the map for leading the trade of creating a greener supply chain by switching to lab-grown diamonds in 2016.
Greenlab Diamonds is a family-run business that has worked with mined diamonds for the past 50 years. It processes almost 90% of the diamonds in the world. The company’s enthusiasm towards lab-grown diamonds has been fueled by its commitment to creating an environmentally friendly and sustainable supply chain, presenting opportunity for consumers to own a diamond without strain. As the company continues to invest in research and development and grows more self-reliant in this emerging market, India is on a rise towards revolutionizing the gemstones industry.
The driving force who initiated this transformation is Sanket Patel, a third-generation diamantaire. Knowing the risks that come with transitioning to new technology, Sanket forged ahead with a vision and level of perseverance that has led his company to its continuous success. He is the one-man show that has paved the way for the diamond trade in India and stands as an example to other diamond moguls.
Weighing the environmental impact of mined diamonds against the affordability of lab-grown alternatives, diamonds of this kind has been gaining traction globally. The sparkling success of India’s lab-grown diamond industry is a testament to the effort and commitment of individuals, such as Sanket Patel, striving to change the landscape and create a greener supply chain. With powerful strides, India is well on its path to build an independent and sustainable diamond industry that gives birth to the brightest diamond dreams.
