India’s growing interest in lab-grown diamonds is reshaping the diamond certification industry. The International Gemmological Institute (IGI) India has reported a 27% increase in certification volumes over the past year. As more consumers embrace lab-grown diamonds, IGI India is focusing on expanding its presence in the market with a target of 15-20% compounded annual growth over the next five years.
This shift towards lab-grown diamonds is reflected in IGI India’s business. Certifications for lab-grown diamonds now account for almost 60% of the company’s revenue, while certifications for natural diamonds have dropped to just 20%.
Although lab-grown diamonds generally yield lower margins than natural diamonds, IGI India’s leadership is optimistic that the increase in volume will more than make up for the reduced profit margins.
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