Global Grown Diamond Output to Hit 20 Million Carats by 2030: Industry Body

Global production of grown diamonds is projected to touch 20 million carats by 2030 and is expected to meet the rising demand for the precious stone, according to a study.

The production of mined diamonds is going to deplete to only 62 million carats in 2030 from the current level of 125 million carats in 2015, the study conducted by PHD Chamber of Commerce and Industry found.

"Whereas demand for the diamonds is projected at 221 million carats in 2030...The current production of Grown Diamonds is 3,60,000 carats which is projected to rise to more than 20 million carats by 2030," it added.

The grown diamonds can help in meeting around 13 per cent of the demand supply gap by 2030. There is a lot of scope to enhance the production of grown diamonds to reduce the demand supply gap further. Grown diamonds are sustainable and pertinent source of diamonds. These diamonds provide a sustainable, ecological and origin guaranteed source of diamonds, it said.

The study enumerated that diamonds grown by scientists in the diamond greenhouse instead of created in the earth's crusts are grown diamonds and are identical to earth mined diamonds in every way.

Both grown diamonds as well as earth mined diamonds have similar physical properties in terms of hardness, specific gravity, refractive index and dispersion.

Currently, grown diamonds are imported in India from Singapore, the US, Europe, Russia and Malaysia for cutting and polishing and re-export to major diamond markets.