Companies involved in the production of diamonds grown in the laboratory began investing in faceting and polishing stones in India, which will establish the subsequent export of end products for use in industry, research and precision technology, Rapaport reports citing The Times of India.
American research and consulting company Frost & Sullivan in its report on diamond growing laboratories (Diamond Growing Greenhouses) said the great potential of the traditional diamond cutting and polishing industry. The company refers to the fact that only 30% of the diamond-growing capacity will be used to create jewelry diamonds, while the remaining 70% will be used for the production of industrial stones. This will enable diamond cutters to diversify, as previously the diamond industry was completely entrenched for the production of cut diamonds of jewelry quality.
The report says that by 2018, world sales of diamonds grown in the laboratory will account for 1.9% of the total global sales of diamonds.
In recent years, some companies have invested in the training of Indian vendors to expand the capabilities of Indian specialists in the production of cut diamonds for industrial purposes. Companies importing diamonds grown in laboratories have about 500 employees in Surat.
"There is a huge potential for creating new jobs in the diamond industry and training cutters and polishers to work with diamonds grown in the laboratory, processing them for use in various industries. Diamonds grown in the laboratory have become a new source of raw materials for trade, while stocks of natural diamonds are depleted, "said one industrialist.