Lab growns now account for around a fifth of the diamonds used by manufacturers in India, according to reports.
The switch from mined gems has been prompted by ongoing sanctions against Alrosa, together with demand form the US for cheaper goods, amid spiraling inflation. Lab growns are 40 per cent cheaper.
Among the beneficiaries are lab grown manufacturers in India, which accounts for 15 per cent of global output.
In addition, an estimated 250,000 employees who were laid off for a couple of weeks last month have been able to return to work.
Colin Shah, chairman of GJEPC (Gem & Jewellery Export Promotion Council) said, “Natural diamond and lab-grown diamonds are two different types, and they cannot replace each other.”
