India’s Kira Jewels is significantly expanding its lab-grown diamond production capacity, and will likely become the world’s largest manufacturer of gemstones grown by chemical vapor deposition (CVD).
Kira is increasing the number of reactors at its 1 million sq. ft. production facility in Surat from 2,600 to 4,000. That means the company will be able to produce 350,000 polished carats a month, up from the 250,000 carats a month it makes now.
“As far as we know, we are the largest diamond producer, definitely in terms of creating polished inventory,” Mehul Vaghani, founder and CEO of Kira Jewels USA, tells JCK.
He believes there’s still room to grow, even though some say the market is already flooded with lab diamonds.
“We feel confident there will be a demand increase,” Vaghani says. “We saw lots of interest at the Hong Kong show. Fashion is the new category where there is demand.”
He notes the market is moving to bigger sizes and fancy shapes, which plays to Kira’s strengths.
“It used to be 1.5 cts. was the size people wanted,” says Vaghani. “Then that went to 2 carats, and now to 2.5 cts.”
As for the perennial topic of lab-grown prices, Vaghani says they have experienced “minor” downward movement in recent months, but “nothing major.”
“We are confident that prices won’t fall further,” he says.
Top: Kira’s lab-grown diamond factory in Surat, India (photo courtesy of Kira Jewels USA)
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