Mr. Ghanshyam Bhanderi, Founder Chairman, Bhanderi Lab Grown Diamonds, talks to the New Jeweller lab grown bureau on the growth of the sector. He also adds on the importance of stability in 'pricing' related to lab grown diamonds in this exclusive. Excerpts:

Why do you think the demand for Lab grown diamonds is increasing especially in the US and developed markets?

One of the major factors for increase in consumer demand is the increasing Millennial population. The young generation is educated and understands the value of diamonds that are grown in the laboratory that do not harm the environment and help maintain the ecological balance globally. Moreover lab grown diamonds have similar characteristics to that of Natural diamonds. We are currently witnessing a situation of global economic volatility and inflation which is also one of the main reasons for the consumer shift in buying lab grown diamond jewellery that is affordable and comes with the highest quality and certification.

India is poised to lead the export segment of Lab grown cut and polished diamonds. Your opinion?

ndia has been a hub for cut and polished natural diamonds since centuries. In the lab grown segment too India will become the final destination to offer cut and polished services and the export of loose stones is only destined to grow. I would attribute the success of India in the cut and polish segment to investment by companies in cutting edge technology and state of the art infrastructure. Technological advancements in CVD are bringing in encouraging results that ultimately translates to highest quality produce and increase in Exports.

Tell us about the key factors responsible for the success of Bhanderi Lab Grown Diamonds and achieving a leadership position?

Bhanderi lab grown diamonds have invested considerably in the technologically advanced reactors used to grow CVD diamonds. In this Industry investment costs in terms of technology and infrastructure are high but important to keep abreast of the upgrades and advancements related to tech and machine tools. We are planning to set up over 5000 reactors in the near future to achieve our production goals and will also focus on producing smaller size diamonds that are less than 1 carat in bulk.

India shows promise to become one of the largest lab grown consumer economies as well apart from growing and manufacturing. What is your take on this?

Yes. I do feel India has the potential to become one of the largest markets for Lab grown diamond jewellery in the near future. The reasons being India has a large young and educated population whose choice of purchase would be Lab grown diamonds as they would understand the value of diamonds created without ecological imbalance and environmental hazards. As awareness regarding lab grown diamonds increases the market would develop and mature.