India exported more lab-grown diamonds than natural diamonds by volume during the year to March 2026, according to figures from the Gem & Jewelry Export Promotion Council (GJEPC).
The latest data shows exports of 18.84 million carats of lab-grown diamonds compared with 16.00 million carats of natural diamonds. The figures reflect the continued growth of the lab-grown diamond segment within the global diamond supply chain.
Volume Growth Versus Value
Although lab-grown diamonds now account for a larger share of export volume, natural diamonds continue to generate the majority of export value.
GJEPC data cited for April 2026 shows lab-grown diamonds averaging around US$60 per carat, while natural diamonds averaged approximately US$760 per carat. Based on those figures, lab-grown diamonds represented just over half of exported carat volume during the month but less than 10% of revenue.
The data reflects the different market positions occupied by the two categories. Lab-grown diamonds account for a larger share of export volume, while natural diamonds continue to generate most export value.
Calculations based on April export figures indicate that lab-grown diamonds would need to account for more than 92% of total exported carat volume to generate equivalent revenue to natural diamonds at current average prices. This reflects the substantial price gap that remains between the two categories.
Natural and Lab-Grown Segments
The latest export figures indicate an increasing distinction between the natural and lab-grown diamond categories.
Over recent years, lab-grown diamonds have increased their presence in fashion jewelry, entry-level bridal and larger stone categories. Natural diamonds continue to account for a significant share of higher-value segments.
For jewelry retailers and manufacturers, the figures illustrate the differing pricing structures and market positioning of lab-grown and natural diamonds.
India’s Position in the Supply Chain
The figures also reflect India’s position within the global diamond manufacturing sector.
While China remains a major producer of lab-grown diamonds and is reported to account for a significant share of global output, India continues to account for the majority of diamond cutting and polishing activity. The country remains a key processing centre for both natural and lab-grown diamonds.
Industry sources note that Chinese producers have developed significant high-pressure high-temperature (HPHT) production capacity, particularly for smaller stones, while Indian manufacturers have focused more heavily on chemical vapour deposition (CVD) technology, which is commonly used for larger stones.
India’s government has also announced initiatives aimed at strengthening domestic capabilities in lab-grown diamond production and reducing reliance on imported equipment and materials.
Implications for the Jewelry Trade
For jewellers, the latest figures show the continued growth of lab-grown diamonds by volume while natural diamonds continue to account for most export value.
The data shows that lab-grown diamonds account for a growing share of export volume, while natural diamonds continue to achieve higher average prices and generate a larger share of export revenue.
The export figures indicate a market in which natural and lab-grown diamonds continue to occupy different positions in terms of volume and value.
