Mr Anup Zaveri in this exclusive spoke to The New Jeweller bureau about his Lab Grown Diamond sector and gave his opinion on why the Lab Grown Diamond sector is destined to become a huge Industry. Excerpts:

Lab Grown Diamonds are growing at an exponential rate especially due to the demand coming from the US and Europe. What is your opinion on this and why do you think we see a spurt in the demand graph?

The spurt in Lab Grown Diamonds is the result of the millennial population wishing to buy a sustainable and ecologically friendly diamond jewellery. As I have always said, Lab Grown Diamonds come with a clean Image and are not only eco friendly but also a saviour in terms of ecological exploitation and supports climate change. Most importantly the LGD comes in an attractive price range that has garnered interest within the young population. The recent economic volatility that is being witnessed resulting in inflation in many an economy is also a contributor for Lab Grown Diamonds becoming a preferred choice when compared to Natural Diamonds.

Though India is one of the largest producers of Lab- Grown Diamonds, the country also imports rough Lab-Grown Diamonds in large quantities. Can you tell us the volume of imports of rough that India has witnessed in the last 12 months?

India is on the threshold of leading the cut and polish sector concerning lab grown diamonds as well. India produces 3CT+size now and requires larger amount of rough in terms of value while China Is producing bigger sized rough and moreover the government of China is giving the export sector 13% rebate on Lab Grown Diamond rough export. In my opinion the Indian Government should impose atleast 15% Duty on rough imports to safeguard the interests of rough producers in the country or we will lose out on the dream of becoming world’s largest producer of rough Lab Grown Diamonds.

Pricing has become a major issue and there is a fear that the supply of Lab Grown Diamonds will overshoot demand. What is your opinion of arriving at a stable pricing index for the lab commodity and can you explain to us a pricing mechanism that can be evolved for the sector?

Diamond is a product where prices can go up and down as per the demand. Market is matured enough to understand and safeguard it's position. Mechanism is whatever we decide but finally consumers are smart enough to choose the product by themselves with respect to their situation and businesses have to respect the client's choice and pricing.

Real Illusion has reached a leadership status in the Lab Grown Diamond business. What are the key factors that you would attribute this success to?

The key factor of the success of REAL ILLUSION is our major clients who have supported us from the day of inception and till date continue to support our efforts that we put in to produce quality products. We are trying to give best of services to all our clients as we feel efficient and effective services are key to success. We are indeed thankful to our clients to have supported this endeavour.

Tell us about your company's investments in infrastructure and resources and how important are these for expansion and growth?

Infrastructure and Resource are the two pillars for the success of any company and we have believed in the same. Our major investment are in the technological advancements that we regularly make and the world class infrastructure that we have set up in our manufacturing plants. We have an able team of scientists rendering their valuable services and I should mention here that a number of them are Phd Doctors. Apart from this we have an intellectually driven qualified staff including the Customer service, HR, Marketing, Designing etc. who are the key drivers of the company.

Lastly, do you see India becoming a huge consumer market for lab-grown diamond jewellery? If yes, what would be those factors that will drive consumer demand?

Yes I am sure that India is going to be the second largest consumer market for LGD." NAME OF THE GAME WOULD BE AFFORDABILITY". We as an industry should educate retailers in India and definitely they are the people who attract the consumers. I am sure this will happen soon.