India’s diamond industry is experiencing a revolution. Traditionally dominated by family-run businesses, the industry is now seeing the emergence of young entrepreneurs who are bringing new practices to the trade. Moreover, the industry, which has been struggling with issues like transparency and financial regulation, is now experiencing a shift towards digitalization and modernization. In this article, we will explore the factors that are driving this exciting development and how it is transforming an industry that has been around for centuries.
Chintan Suhagiya, a 26-year-old with seven years of experience in India’s diamond industry, has seen a significant shift in the industry towards lab-grown diamonds (LGDs). Unlike the diamonds of the past that were mined from the ground, LGDs are made in special machines and have become a growing facet of the industry. Although they are priced lower than naturally-formed diamonds, they are almost identical in appearance and quality. Advances in technology have made it possible to produce LGDs at an affordable price, with Indian companies accounting for 15% of the market share. Although the Indian market remains undeveloped, the government has taken steps to stimulate the sector’s growth through funding and abolishing taxes on imported diamond seeds. Despite uncertainties surrounding the value of LGDs, the industry is expected to create millions of jobs in the coming years.
As we conclude our deep dive into the revolution underway in India’s diamond industry, it’s clear that the country’s artisans and entrepreneurs are breaking new ground in terms of innovation, sustainability, and ethical practices. From embracing technology to enhancing transparency, the Indian diamond industry is undergoing a remarkable transformation that’s set to benefit all stakeholders. However, the journey ahead is not without challenges, and the industry needs to remain vigilant and proactive to tackle issues such as pricing volatility, market uncertainty, and competition from new players. Nonetheless, the optimism and energy of the industry players are palpable, and it’s heartening to see a home-grown industry blossom into a global powerhouse. As India dazzles the world with its diamonds, let’s hope that this revolution continues to shine bright and transform the industry for the better.
