New Delhi, Aug 23 (KNN) Lab-grown diamond exports from India is expected to grow up to USD 7 billion-USD 8 billion in the next few years owing to its increasing demand in US and acceptability in other markets.

India is ramping up sales of laboratory-made gems as demand from the US surges and they become more accepted in other markets.

According to Vipul Shah, vice chairman of the Gem & Jewellery Export Promotion Council (GJEPC), exports of polished lab-grown diamonds may double in the current financial year started April 1 from USD 1.3 billion in the prior year.

He emphasised on India’s huge potential to grow exports to USD 7 billion-USD 8 billion in the next few years on the back of US demand and acceptability in the UK and Australia.

India cuts or polishes about 90 per cent of the diamonds sold in the world and contributes about 15 per cent of the global production of lab-grown diamonds, as per GJEPC.

“It is going to be treated as a fashionable jewellery, which is affordable to the youngsters, and that’s the way the market is going to shift," Shah said.

Diamonds grown in labs represent a small portion of the market currently -- India shipped nearly USD 24 billion of polished diamonds mined naturally last year.  (KNN Bureau)