India’s diamond sector has reached a notable milestone, with lab-grown stones exceeding naturals in export volume, as reported by industry analyst Edahn Golan.
In both March and April 2026, shipments of lab-grown diamonds (LGD) from India surpassed those of natural diamonds, marking what Golan describes as “a major shift, arguably a tectonic one, but not a doomsday scenario” for the natural diamond trade.
According to figures from India’s Gem & Jewellery Export Promotion Council (GJEPC) cited by Golan, lab-grown exports totaled about 1.3 million carats in March and 1.4 million carats in April, compared with 1.2 million and 1.3 million carats, respectively, for natural diamonds.
Lab-growns have previously accounted for a majority of India’s monthly diamond exports, 56% in April 2025, but that was influenced by tariff-related disruptions, Golan noted. Still, LGD share of total diamond export volume had already reached 45% in January 2025, and Golan said the latest data suggests more sustained change.
Despite their growing presence in volume terms, lab-grown diamonds account for less than 9% of India’s wholesale diamond exports in monetary value, underscoring the wide price gap between the two product categories.
Said Golan: “While lab-grown diamonds may be capturing consumer attention, they are not capturing the same share of spending.”
The increased volume of LGD reflects both consumer behavior and industry strategy, according to Golan. Price-sensitive buyers may be opting for LGD so they can get larger stones, he said. At the same time, many traditional Indian diamond companies have embraced lab-grown production and brought their expertise in cutting and distribution to the sector.
Golan does not see lab-grown diamonds overtaking natural stones in value anytime soon. “Economically they operate in entirely different orbits,” he wrote.
“This does not signal the demise of natural diamonds…. As recent trends suggest, consumer demand in natural diamonds continues to move upscale.”
The JCK News Desk uses AI to help research and produce the first draft of articles. This story was then reviewed by staff writer David Blomquist.
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