Rushabh Mehta,
Director - GoGreen Diamonds

GoGreen is one of the leading Lab Grown Diamond companies. What are the key factors that prompted you to diversify and expand in the lab-grown diamond sector? Please elaborate on your investments pertaining to Infrastructure set-up and technological advancements.

Having an early exposure to the diamond industry, we recognized the need for innovation. The operations of the diamond sector have remained unchanged for too long. With shifts in consumer mindset and the demand for a more sustainable and traceable product, we felt it was necessary to expand in this sector. GoGreen Diamonds is proud to be one of the initial companies to have entered the Lab Grown Diamond industry. Our company has been at the forefront of innovation for the past 8 years. This has allowed us to refine our product with the best technology and CVD methods. We are increasingly cognizant of the detrimental state our environment is in, and in response we are now working with renewable energy with the intention of making the diamond growing process completely carbon neutral.

Lab-Grown Diamonds are showing signs of exponential growth in markets such as the US and Europe. Is that right? If yes, Tell us about GoGreen plans to meet the demand?

Yes, that is correct; as today’s consumers are better educated and understand that labgrown diamonds are identical to mined diamonds, and hence there has been greater demand for Lab Grown Diamonds and jewellery. As a pioneer in the industry, we are at the forefront in terms of production capabilities and innovation in the sector.

India is building itself to become a leader in cutting and polishing Lab-Grown Diamonds as well. Is it a healthy sign and how do you see the demand growing in the Indian market as well with respect to Retailing of Lab-Grown Diamonds? Is there a need for consumer education?

India is quickly becoming the diamond capital of the world. It has long been the world’s leading manufacturer of polished diamonds, and now it will be the premiere destination for grown diamonds as well. The Indian market is very price sensitive with a penchant for jewellery purchasing. This places lab grown diamonds in a strategic position to enter markets seamlessly. For this reason, I am positive the market for grown diamonds in India will expand exponentially. There will be a need for consumer education as well. Where there is space for education, there is also space for growth.

Pricing is becoming a big issue when it comes to Lab-Grown Diamonds as we foresee supply overshooting the demand graph. What is your opinion on reaching stability with respect to the pricing of cut and polished? Do you see a crash in prices if not stabilized?

Conscious production will be the differentiating factor between growers. Labs that overproduce without mindfulness in regard to their energy use will be less accepted by consumers in the long term. The pricing of smaller stones will always be more expensive since the labour component is going to be higher. The larger stones will be more attractive to consumers who are looking to buy on a budget. Diamond prices in general are volatile based on demand and supply, and that is something we are used to seeing in the market.

What are your thoughts on positioning Lab-Grown Diamond jewellery to maintain a premium level for the sector? Your advice to the trade?

I believe Lab-Grown Diamond jewelry will continue to maintain a premium level, in large part because they are real diamonds. They cannot be compared to stimulants such as cubic zirconia. As customers pay more attention to the origin and impact of the diamond, they will always remain a premium product. My advice to producers and manufacturers is to control their production and pay greater attention to energy usage and environmental impact.