India is playing a significant role in the lab-grown diamond industry, positioning itself as the world's second-largest producer of precious stones created in laboratories rather than extracted from the earth.
Despite this, the industry is facing challenges due to rising competition from other countries seeking a piece of the growing market and the decreasing prices of lab-grown diamonds, analysts say.
“If the prices of lab-grown diamonds continue to decline, it may affect the profitability of lab-grown producers – a major challenge for India’s lab-grown diamond industry,” says Tanvi Shah, director of CareEdge Advisory.
“The key factor for declining lab-grown prices is demand mismatch with excess supply.”
The prices of lab-grown diamonds has undergone a significant decrease, dropping to an average of $198.22 per carat in the last financial year, which spanned from April 1, 2023, to March 31 of this year.
This is a notable decline from the previous fiscal year, when prices averaged $355.51 per carat, according to the Gem and Jewellery Export Promotion Council’s data.
Lab-grown diamonds are essentially identical with the natural gemstones, both chemically and physically. But these gems are created in a laboratory using extreme heat and pressure to expedite the production process.
The popularity of synthetic diamonds has been on the rise globally, driven by various factors such as their affordability – costing less than a tenth of the price of the cheapest natural diamonds available.
Additionally, concerns surrounding the environmental and ethical implications of mining natural diamonds have further fuelled the demand for lab-grown alternatives.
“As lab-grown diamonds are a sustainable alternative, they are now becoming a preferred choice for the youth who prioritise environmental responsibility,” says Mukesh Shah, founder of Ashth by ConsciousCarats, a lab-grown jewellery brand in India.
India, known for being a hub for cutting and polishing natural diamonds, has leveraged its expertise to expand its production of synthetic diamonds in recent years. This strategic move aligns with the growing global demand for lab-grown diamonds and positions the country as a key player in the synthetic diamond market.
“With lab-grown diamonds becoming increasingly popular around the globe, this is creating a pathway for India to penetrate the international market by leveraging craftsmen’s expertise,” says Colin Shah, managing director of Kama Jewellery and former chairman of the Gem and Jewellery Export Promotion Council.
India produces more than three million lab-grown diamonds a year and accounts for 15 per cent of global production, according to CareEdge. Only China produces more. The US, Russia and Singapore are other major manufacturers.
“India, with more than 6,000 machines and reactors for producing lab-grown diamonds, has increased its production capacity over the years,” says Ms Shah of CareEdge.
The market for lab-grown diamond jewellery in India was valued at $264.5 million in 2022 and was estimated to have grown to $300 million last year, CareEdge analysis has found.
But while natural diamonds are difficult to source and mine, these man-made diamonds can be grown in a lab in a matter of days – meaning the increase in supply has been outpacing demand, pushing down prices.
The decrease in price has significantly affected the export value of synthetic diamonds from India. According to CareEdge, exports of lab-grown diamonds from India decreased by 16.5 per cent to $1.4 billion in the last fiscal year, down from $1.68 billion the previous year.
Despite an increase in the volume of synthetic stones being exported, the total value has declined due to the substantial drop in retail prices, the consultancy says.
“Since supply is unlimited with lab-grown diamonds, many believe the prices may drop further,” says Disha Shah, founder and designer at DiAi Designs, a lab-grown diamond jewellery company based in Mumbai.
“However, we believe that demand is also increasing proportionally and there will soon be a minimum threshold beyond which prices wouldn’t decrease further.”
CareEdge acknowledges prices are expected to stabilise and exports are anticipated to partially recover in the current financial year, from April 2024 to March 2025. The consultancy projects a growth rate of 7 per cent to 9 per cent on the previous financial year, aiming to reach a value of $1.5 billion to $1.53 billion.
Several factors contribute to this projection, including sluggish demand for natural diamonds and an increasing preference for the lab-grown versions. Additionally, the depreciating rupee has enhanced India's competitiveness as an exporter.
In a move to support the industry, the Indian government recently eliminated the basic customs duty on seeds used in diamond manufacturing, reducing it from 5 per cent to zero in the latest annual budget. This decision has provided a significant boost to the export-orientated sector.
The UAE, US and Hong Kong stand out as India's primary markets for lab-grown diamond exports. The UAE accounts for 14.6 per cent of India's total exports in this category. Notably, India's shipments of lab-grown diamonds have surged 23 per cent in the last financial year compared to two years earlier, according to CareEdge.
“This was largely supported by the India-UAE Comprehensive Economic Partnership Agreement,” says Ms Shah of CareEdge, referring to the trade agreement that came into effect in May 2022, which included reduced duties on gem and jewellery exports from India to the UAE.
However, India must also be vigilant of the increasing competition posed by other manufacturers.
“There is strong competition from countries like the US, China and Singapore with their growing investment in the lab-grown diamond industry, which has the potential to dominate the global market share,” says Mr Shah of Kama Jewellery.
In addition to its impressive production capacity, India possesses several other factors that contribute to its competitive advantage over its rivals.
“Some of the major factors are cost advantage, as low labour costs reduce the overall cost of production of lab-grown diamonds,” he says.
“I believe India is truly well-positioned to witness expansion and compete with its overseas counterparts over the coming years.”
However, he warns that geopolitical tensions and a sluggish global economy may hinder export growth.
In addition to these obstacles, there are still many consumers who view lab-grown diamonds as inferior to natural stones or consider them to be counterfeit, some industry experts say.
“This misconception is due to the lack of awareness and understanding about the characteristics and production process of lab-grown diamonds,” says Mukesh Shah.
However, he and other industry members assert that this perception is slowly changing, and they are confident demand for these stones will continue to increase.
“Lab-grown diamonds have slowly and steadily been accepted,” says Ms Shah of DiAi Designs.
“We see a stark difference from when we initially launched in 2018, to today.”
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting
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UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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More from Rashmee Roshan Lall
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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UAE SQUAD
Mohammed Naveed (captain), Mohamed Usman (vice captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
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The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
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The five pillars of Islam
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
Company%20profile
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AGUERO'S PREMIER LEAGUE RECORD
Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33
Greatest Royal Rumble match listing
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
Heather, the Totality
Matthew Weiner,
Canongate
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
MATCH DETAILS
Barcelona 0
Slavia Prague 0
COMPANY%20PROFILE
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
SERIES INFO
Cricket World Cup League Two
Nepal, Oman, United States tri-series
Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Table
The top three sides advance to the 2022 World Cup Qualifier.
The bottom four sides are relegated to the 2022 World Cup playoff
1 United States 8 6 2 0 0 12 0.412
2 Scotland 8 4 3 0 1 9 0.139
3 Namibia 7 4 3 0 0 8 0.008
4 Oman 6 4 2 0 0 8 -0.139
5 UAE 7 3 3 0 1 7 -0.004
6 Nepal 0 0 0 0 0 0 0
7 PNG 8 0 8 0 0 0 -0.458
