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- Demand increased among middle class families and youth
- Exports of natural diamonds decline for second consecutive month
- The demand for labgrown diamonds is higher than that of natural diamonds abroad
The increase in the brightness of Labgrown Diamonds has remained constant since the corona period. In the month of August this year too, there has been an increase of 55 percent in exports compared to the month of August last year. Diamond industry experts believe that the demand for labgrown diamonds in jewelery abroad is steadily increasing as labgrown diamonds become affordable jewelery of choice for middle class families. Exports are likely to get a good boost in the coming days when Christmas shopping takes off.
According to figures released by the Gems and Jewelery Export Promotion Council, labon diamonds worth US$ 125.30 million were exported in the month of August last year. Against this, diamonds worth 143.12 million US dollars were exported this year. Which is about 55 percent higher. While natural diamond exports have continued to decline in the month of August after July. Natural diamonds worth 2031.67 million US dollars were exported in the month of August last year. In which there has been a decrease of 3.68 percent in the current year and the export reached 1879.74 million dollars. In the month of July too, the export of natural diamonds decreased by 2.76 percent. Decline in demand for natural diamonds at the global level is being blamed for the decline in demand for natural diamonds. While the reason behind the increase in exports of Lebanon diamonds is the increasing demand from people as affordable jewellery.
People’s choice as affordable jewellery
The production of Labon diamonds has increased along with the marketing and people are opting for it. The demand for labon diamonds is also continuously increasing in the countries of Australia and UK. The middle class family as well as the new generation youth are also choosing Labon Diamond jewelery as affordable jewellery. Labon diamond trade is likely to increase substantially in the next five to seven years. Vipul Shah, chairman of Gems and Jewelery Export Promotion Council, said while giving the information.
Exports increased due to increase in demand abroad
The awareness of young generation towards Labgrown Diamond has increased. Young men and women are opting for Labon diamond jewellery. Exports of labgrown diamonds have continued to increase over the past few months as the demand for labdyone diamonds continues to increase overseas as well. Bhanderi Diamond CEO Snehal Dungrani expressed the view.