Indian diamonds processing (cutting & polishing) industry has heavily relied on only one product – gem-quality diamonds, till now. However, the scenario is set to change with many companies investing in development of processing lab-grown diamonds, for non-gem industrial applications.
Finished grown diamonds have non-gem applications in scientific research, precision engineering and next generation technologies among others. But this requires development of units with specialized cutting & polishing skills and technologies. Slight diversification will enable the industry to hedge its risks when the existing natural sources of raw materials are getting depleted.
Frost & Sullivan, in its report – ‘Diamond Growing Greenhouses’, mentioned that grown diamonds brings a big promise to the traditional Indian diamond cutting & polishing industry with only around 30% of grown-diamond capacity being applied for gemological purposes and the rest 70% for industrial applications.
Companies in Surat – the hub in India for diamond processing, employs around 500 people for processing lab-grown diamonds. With investment from lab-grown producers, training and skill development many new jobs are set to be generated and the overall diamond processing industry to receive a fillip.