159m carats of rough LGDs required, driven primarily by three factors:
Source: Frost & Sullivan
1. Huge natural diamond demand-supply gap
Frost & Sullivan reports suggest that, due to limitation of resources, natural diamond supply will decline to 14m carats by 2050. GTA 6 PC Game Download Free
Decline in supply mainly due to depletion of mines & no new major commercial discoveries in recent times.
Argyle mine – the largest diamond mine operating shut down in 2020.
2. Rising incremental demand for lab grown diamonds
Growing preference for eco-friendly jewellery among millennials, with them adding upto 60% and 80% of the total in the USA and China.
India is a huge target market for LGD with the highest millennial population in the world.
Yet, global LGD production has been forecasted to increase by only 17m carats by 2030.
Courtesy: Limelight Diamonds
3. Millennials shall pave the way forward
India’s millennial population stands at 41 Crore, which is larger than the entire population of USA.
70% millennials would consider LGD.
We have 3 Lac jewellery retailers in India, along with 1.5 Lac jewellery manufacturers.
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