The jewellery industry needs to stop viewing natural and lab-grown diamonds (LGD) as competitors and start thinking about how the two products can complement each other. This was the opinion expressed by Dilip Mehta, the honorary chairman of Rosy Blue, one of the largest diamond manufacturers in the world. He was speaking at the Innov8 Talks conference organised by the Gem & Jewellery Export Promotion Council (GJEPC) in Mumbai.
“There is a concern that [LGD] could overshadow natural diamonds, which have been the backbone of our industry for centuries,” he said. “Rather than viewing this as a zero-sum game, where one must win and the other one must lose, I believe we have an incredible opportunity to expand the market together.”
Mehta believes that “both natural and lab-grown diamonds bring unique value, and when leveraged together, they can complement each other and help grow the overall jewellery market.”
“The rise of lab-grown diamonds does not mean the demise of natural diamonds,” he said. “It means we have more tools in our arsenal to meet consumer needs.”
The gemstone expert drew an analogy to the rise of smartwatches. “When Apple introduced the smartwatch, the industry was nervous, but while Apple may have taken a part of the accessories market, the impact on jewellery was minimal,” he explained. “Jewellery remains a symbol of personal expression and luxury qualities that a smartwatches, no matter how sophisticated, cannot replace.”
The experience, he said, teaches that while new innovations may shake things up, they rarely eliminate the demand for truly timeless [pieces]. He noted that “while lab-grown diamonds may [meet] certain consumer needs, natural diamonds can also offer something unique – heritage, rarity, an emotional connection.”
Mehta believes that lab-grown diamonds offer flexibility and creativity, allowing designers to think outside the box and create exciting new products. “This innovation should not be seen as a threat, but as an opportunity to enhance the industry and broaden its appeal,” he added.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
