Sustainable Sparkle: The Emergence and Impact of Lab-Grown Diamonds in India's Diamond Capital

Abstract

Diamond cutting and polishing have historically been conducted in Surat, India, which processes the majority of raw diamonds mined around the globe. Nevertheless, conventional diamond mining is rife with environmental and ethical concerns. Lab-grown diamonds present a sustainable alternative to deep-seated diamond mining by simulating natural conditions to produce the precious stones above ground in a span of six weeks. The emergence of lab-grown diamonds in Surat and its potential repercussions are examined in this article. The paper describes the technological process by which lab-grown diamonds are produced by simulating the underground natural diamond formation process through the application of high pressure and heat to diamond embryos in plasma reactors. This allows for up to a 30% reduction in the cost of diamond production compared to conventional mining methods. Nevertheless, energy demands give rise to concerns regarding sustainability. Currently, Surat is the leader in lab-grown diamond production in India, satisfying the growing demand for ethical and affordable jewelry among consumers. Consumer viewpoints demonstrate a favorable regard for the optical similarity between lab-grown and mined diamonds subsequent to refining, notwithstanding initial reservations regarding the genuineness of the diamonds. Indicating impending disruption, producers anticipate that the global demand for lab-grown diamonds will double to $44 billion by 2028, thereby creating an enormous market expansion opportunity. Ethics and the global valuation of diamonds may undergo significant transformations in the future if production scales up, as the diamond industry has a history of exploitative practices. Nevertheless, further lifecycle analysis is necessary in order to validate sustainability assertions in light of energy requirements. In addition, although Surat has been at the forefront of lab-diamond manufacturing, other regions are shortly to enter the market, thereby dispersing the infrastructure and expertise that have historically provided Surat with its competitive edge. As a result, laboratory-grown diamonds offer consumers a potentially transformative ethical alternative that may alter the dynamics of the supply chain. However, their long-term effects in Surat, the diamond capital of the world, are dubious in the absence of energy innovations and the global diffusion of lab-diamond production. This underscores potential areas for additional investigation concerning regional disparities in the diamond industry's concentration of resources and competition regarding sustainability credentials.