Dear LGD Trade Readers,
Sparkle will shine in Mumbai as it plays host to thousands of buyers of Lab Grown Diamonds who will throng the Jio World Convention Centre. This follows confirmation by The Lab-Grown Diamond and Jewelry Promotion Council (LGDJPC) that the second Lab Grown Diamond Expo will begin on August 5th, 2022. It will be a 4-day event with lots of opportunities for buyers and manufacturers.
The Lab Grown Diamond Show is expected to attract hundreds of LGD manufacturers Showcasing some of the finest lab-grown diamonds in India. The expo is timely, considering the sanctions imposed on Russian Miner Alrosa by the USA and UK. This has created a spike in demand for jewelry that can be ably met by Indian Lab Grown Diamond manufacturers.
At the moment Surat manufacturers are targeting the increased demand for cheaper goods in the United States. Surat is the leading manufacturer of synthetic jewelry in India and will have the biggest number of exhibitioners.
Exponential increase in the demand for LGD
Industry analysts expect a 9.4% increase in demand for LGD between 2021 and 2023. This accounts for a market value of $49.9 billion. It is expected that lighter diamonds of 2 carats and below will see faster growth backed by the need for cheaper commodities.
Surat lab-grown diamond and jewelry manufacturers are expected to be the highlight of the expo. So far the majority of the stalls have been booked by these manufacturers.
“We have been overwhelmed by the large participation of Surat’s LGD and jewelry manufacturers” was the excited comment of the chairman LGDJPC, Shashikant Shah.
Surat accounts for the majority of reactors that produce lab-grown diamonds in India. About 500 reactors are based in Surat, while others are spread across Jaipur and Mumbai.
Second Lab Grown Diamond Exhibition India
This second exhibition picks up from the success of the first one held in 2019 and saw over 70 brands participate and the higher side of 5000 buyers attended. The show gave LGDJPC a chance to showcase the magnificent potential of Indian jewelers to meet the demand for lab-grown diamonds. The Lab-Grown Diamond Expo allows B2B diamond dealers to interact face to face and form synergies that can carry forward businesses.
With India exporting lab-grown diamonds worth $1045.19 million between April 2021 and
January 2022, there is no doubt that it is providing quality to the world. Now when it invites the international buyers to the cradle of the gems, the opportunity is rife for the manufacturers to increase their sales. But even the buyers are in position to see all the opportunities in one place.
“The sanctions on Russian miner Alrosa have created a shortage of natural diamonds and turned the spotlight on the lab-grown diamond industry.” Shah is quoted saying about the new opportunity. He remains optimistic that the LGD will outcompete natural diamonds which are already seeing a drop in the number exported.
With expos like this one slated for August, more buyers will become aware of the availability and quality of these gems. Of course, India has Surat to thank for the current abundant supply of the lab-grown diamonds.
Surat is a powerhouse for lab-grown diamonds for India,” Mahesh Sonani the event’s president admitted. There is an obvious value the manufacturers there provide India and the world. With an export target of $49 billion by 2030, India will make significant forex gains from LGD.
So big are the gains that industry experts reveal that many big mining companies in India have scaled down their mining projects and diverted 20 to 30 percent of their efforts toward growing diamonds instead.
2nd Lab Grown Diamond Expo in India
At the expo, many jewelers from across the world will get the chance to meet established suppliers and manufacturers of the man-made gems. There will also be panel discussions featuring experts in this industry providing added information about LGD.
Despite the growing popularity of the gems, very many buyers do not know enough about them and have several questions about them. The panel discussion will help to answer the several questions that exist.
All the exhibitors have been vetted by the LGDJPC to ensure their products are genuine.
All the manufacturers are also controlled by the regulatory body with certification provided to ensure quality.
This exhibition is believed to be a springboard for manufacturers to give competition to other international manufacturers. They will have the chance to put their best leg forward and convince the buyers that they are the right suppliers to do business with.
If you are a buyer, you should have your ticket ready and book a hotel now.
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