India’s diamond industry has crossed a major threshold: exports of lab-grown diamonds now exceed those of natural diamonds by volume. In March, and again in April this year, the volume of lab-grown diamonds exported from India surpassed that of natural diamonds. And this is not the first time it has happened.
Diamond Export Details – Volume
According to the latest GJEPC figures, India’s gross loose lab-grown diamond exports totaled 1.3 million carats in March and 1.4 million carats in April.
By comparison, the gross volume of natural diamond exports stood at 1.2 million carats in March and 1.3 million carats in April.
That means that in March, 51% of exported diamonds by volume were lab-grown, while in April the share stood at 50.4%.
Recently, GJEPC began adding trade volume figures to its monthly reports, offering a clearer picture of lab-grown diamond exports both this year and year over year.
Thanks to that added transparency, we now know that a year ago, in April 2025, lab-grown diamonds accounted for 56% of export volume. However, those figures were distorted by tariffs. That period coincided with President Trump’s announcement of new tariffs, including tariffs on India’s loose natural polished diamonds, which affected export activity.
The available figures suggest that loose lab-grown diamonds have been steadily capturing market share in diamond exports, a trend that began several years ago.
In January 2025, lab-grown diamonds accounted for 45% of total diamond export volume.
Value of Exports
Despite their large share of wholesale export volume, lab-grown diamonds remain far from capturing the same level of value as natural diamonds.
By value, loose lab-grown diamonds account for less than 9% of India’s wholesale diamond exports. So while lab-grown diamonds may be capturing consumer attention, they are not capturing the same share of spending.
The gap in average wholesale prices per carat remains staggering. Lab diamonds are priced 88%–92% lower per carat than natural diamonds, a difference that continues to widen.
Rough Lab-Grown Diamond Prices
The data now also reveals the average value of rough lab-grown diamonds imported by India’s diamond manufacturers. In 2026, the average import value stands at $15 per carat.
Most imports come from China and Dubai. Otherwise, India is fairly self-sufficient in production. India imports large quantities of High Pressure High Temperature (HPHT) lab-grown diamonds, mainly produced in China. These are widely used in the manufacturing of 1.50-carat and smaller lab-grown diamonds.
Rough lab-grown diamonds imported from Dubai are mainly Chemical Vapor Deposition (CVD) goods traded through the local diamond center.
Polished Lab-Grown Diamond Wholesale Prices
We received some criticism from a few industry members regarding what they viewed as overly low prices in our Lab-Grown Diamond Wholesale Price List. Many goods are priced around $100 per carat, with numerous size, shape, color, and clarity combinations priced even lower.
If manufacturers are purchasing rough lab-grown diamonds at roughly $15 per carat, it should not be surprising that polished goods sell wholesale for around $100 per carat.
In fact, the average export price of polished lab diamonds is below $74 per carat. The roughly $50-per-carat spread between rough input costs and polished wholesale prices includes manufacturing margins.
These figures are not especially surprising, particularly in a highly competitive volume market that relies heavily on memo.
The Bottom Line
As consumer demand for lab-grown diamonds grows in the US and elsewhere, this does not signal the demise of natural diamonds. It is a major shift, arguably a tectonic one, but not a doomsday scenario. As recent trends suggest, consumer demand in natural diamonds continues to move upscale.
It is possible that lab-grown diamond exports crossed the 50% threshold earlier, although historical volume data is not yet available. The more important question is not exactly when it happened, but why.
This reflects a weakness in the positioning of natural diamonds. When consumers want a diamond, yet prefer a factory-made product in order to save money rather than purchase a smaller natural diamond, it points to a blind spot in natural diamond marketing. What appears to be missing is strong status positioning for natural diamonds.
For lab-grown diamonds, the message of “we are the same as natural diamonds” successfully exploited that blind spot.
There is also the question of who drove this shift. The answer is many traditional natural diamond manufacturers, most of them based in India. They already knew how to buy rough, polish stones, and sell to jewelry manufacturers and retailers. Few were better positioned to capitalize on the opportunity.
At the same time, do not expect the value of lab-grown diamond exports to overtake natural diamonds anytime soon. The two products may be chemically similar, but economically they operate in entirely different orbits.
One final thought relates to diamond mining. As the market moves upscale, questions arise about long-term demand for lower-quality and lower-color natural diamonds. We discussed the importance of run-of-mine production, the full output of a diamond mine, on the Diamond Dudes podcast, and it is worth revisiting.
We also noted last week that global diamond production in 2025 fell below 100 million carats. In that discussion, we examined the role current campaigns, such as Desert Diamonds, are playing in generating demand for goods outside the top color and clarity categories.
The diamond industry is no longer debating whether lab-grown diamonds matter. The debate now is how much of the market they ultimately reshape, and which parts of the natural industry remain insulated from that shift.
If you would like to better understand the dynamics of the lab-grown diamond market, from production and wholesale pricing to retail trends and consumer demand, please contact us for our diamond market analytics.
Updated May 19, 2026
Photo: Lusix Diamonds
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