Shashikant Dalichand Shah, the Chairman of Lab Grown Diamond & Jewellery Promotion Council-India (LGDJPC) has been spreading awareness of lab-grown diamonds and helping and educating traders in the sector since he was elected as Chairman of LGDJPC.
Shashikant Shah holds a commerce degree and he entered the diamond trade by opening a diamond Jewellery Showroom exclusively for Nakshatra and Asmi brands in 2003.
In addition, the company DM Gems came into being in 2003 with Shashikant Shah as Founder/Owner, and the very next year the company was appointed as Distributor for Gemesis Cultured Diamonds (Gemesis Corp.), thus effectively making an entry into the world of lab-grown diamonds (LGDs).
In an exclusive Interview with Rough & Polished, Shashikant Shah assesses the recent growth of LGD sector in India as well as overseas markets, foreseeing a remarkable growth for the sector in the coming years...
Some excerpts:
Of late India has progressed well in the Lab-Grown Diamond (LGD) sector, with many new units being set up in Surat recently. How do you think this will eventually help the growth of the country's diamond industry? Your opinion...
The growth of the lab-grown diamond (LGD) sector in India is a positive development for the country's diamond industry as a whole. As we know LGDs are a more affordable alternative to mined diamonds, and they are growing in popularity among consumers, though LGD’s are not more than 7% of the total mined diamond trade and yet more than 93% of market is untouched by LGD’s.
This is creating new opportunities for diamond manufacturers and retailers in India. The growth of the LGD sector is also helping to diversify the Indian diamond industry, which has traditionally been focused on mined diamonds.
Many mined diamond manufacturers in India have also expanded their polishing business by working with LGDs. What are your thoughts about this trend?
I think it is a good trend that many mined diamond manufacturers in India are expanding their polishing business by working with LGDs. This is a way for them to tap into the growing demand for LGDs, and it also helps them to stay competitive in the global diamond market.
Reportedly the production of LGDs has increased unduly, resulting in prices of LGD rough and polished stones dipping drastically. How has this affected the LGD business on the whole?
The increase in production of LGDs has resulted in a decline in prices for LGD rough and polished stones. This has had a negative impact on the LGD business, but it has also created opportunities for manufacturers and retailers who can offer high-quality LGDs at a competitive price, and have shown that LGDs can make its positive place amongst the consumers.
Do you think the Indian sector should give importance to 'branding and marketing', especially now that the gemstone & jewellery markets are seeing many changes globally? Your thoughts, please.
I think it is important for the Indian diamond sector to give importance to branding and marketing, especially now that the gemstone & jewellery markets are seeing many changes globally. Branding and marketing can help to differentiate Indian LGDs from other LGDs on the market, and it can also help to educate consumers about the benefits of LGDs.
Media reports claim the US market is slow, while others say it is affected due to the economic slowdown. What is the current situation concerning India's exports of LGDs/jewellery?
The US market for LGDs is currently slow, but I believe this is due to the economic slowdown rather than a lack of demand for LGDs. Once the economy recovers, I expect to see the US market for LGDs pick up again. India's exports of LGDs/jewellery to other markets are still growing, and I expect this trend to continue in the coming years.
What is the current situation regarding the acceptance of LGDs/ jewellery by the Asian markets, including India? Initially, reports said that LGDs were well accepted, especially by GenZ. What does the market report say now?
The acceptance of LGDs/jewellery by Asian markets, including India, is growing rapidly. Initially, reports said that LGDs were well accepted, especially by GenZ. This trend is continuing, and I believe that LGDs will become increasingly popular in Asian markets including India in the coming years.
Wrapping up, how did the Indian LGD companies fare at the recently concluded India International Jewellery Show (IIJS)? Your thoughts?
The Indian LGD companies fared well at the recently concluded India International Jewellery Show (IIJS). They received a lot of interest from buyers, and they were able to generate a lot of sales. I believe that the Indian LGD industry is well-positioned to continue to grow in the coming years.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
