Affordable Lab-Grown Diamonds are Making the Industry see Red

According to Morgan Stanley, rough manmade diamonds — with sales of less than $200 million – account for barely one per cent of the global diamond market. However, they are expected to garner a 15 per cent share of the ‘melee’ diamonds (very small ones, which are used in jewellery), and over seven per cent of the total market share by 2020.

Lab-grown diamonds polarise opinion. Mirror’s fashion columnist Namrata Zakaria dismisses them as “costume jewellery”, while Malabar Hill resident Vivek Talwar, MD of Nitco Tiles, whose family frequently buys diamond jewellery, says “Labgrown diamonds are the same as natural ones, but better because they can be manufactured to be of the highest quality. The idea that natural diamonds are in ‘limited supply’ has been floated by large diamond miners, who control mining in order to inflate prices.”

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