India’s diamond industry has reached a historic turning point. In March and April 2026, the volume of lab‑grown diamond exports overtook that of natural diamonds, with lab‑grown stones accounting for 51% and 50.4% of total export volume respectively. According to GJEPC figures cited by diamond industry analyst Edahn Golan, loose lab‑grown exports hit 1.3 million carats in March and 1.4 million in April, compared to 1.2 million and 1.3 million carats of natural diamonds.
A year earlier, lab‑grown diamonds had already captured 56% of export volume, though those figures were distorted by Trump‑era tariffs.
Despite this volume dominance, lab‑grown diamonds still represent less than 9% of wholesale export value, with average polished export prices below $74 per carat – a staggering 88% ‑92% lower than natural diamonds.
Rough lab‑grown imports average just $15 per carat, mostly from China (HPHT) and Dubai (CVD). Golan notes that the shift exposes a weakness in natural diamond marketing: consumers increasingly choose a larger factory‑made stone over a smaller natural one to save money, pointing to a missing status positioning for natural diamonds.
He also raises questions about long‑term demand for lower‑quality natural diamonds as the market moves upscale.
Below are key questions and answers from Edahn Golan’s analysis.
What were the lab‑grown and natural diamond export volumes in March and April 2026?
According to the latest GJEPC figures, India’s gross loose lab-grown diamond exports totalled 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%.
What was the lab‑grown export volume share a year earlier in April 2025, and what distorted those figures?
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.
What share of India’s wholesale diamond export value do lab‑grown diamonds represent?
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.
How much lower per carat are lab‑grown diamond wholesale prices compared to natural diamonds?
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.
What is the average import value of rough lab‑grown diamonds into India in 2026, and where do most imports come from?
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.
What are the two main production methods for lab‑grown diamonds, and which countries supply each type to India?
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 Vapour Deposition (CVD) goods traded through the local diamond centre.
What is the average export price of polished lab‑grown diamonds per carat, and what does the spread between rough input costs and polished wholesale prices include?
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.
What does the shift toward lab‑grown diamonds reflect about the positioning of natural diamonds?
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.
What is the long‑term future of diamond mining?
As the market moves upscale, questions arise about long-term demand for lower-quality and lower-colour 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 colour and clarity categories.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
