At the 52nd India Gem & Jewellery Awards, organised by the Gem & Jewellery Export Promotion Council (GJEPC), the industry came together in Mumbai on September 13, 2026, to recognise excellence, leadership and achievements across India’s gems and jewellery sector. Union Home Minister Amit Shah attended the event as the Chief Guest, alongside senior leaders and industry representatives.

During his address, Amit Shah spoke about the changing diamond trade and the growing opportunity around lab-grown diamonds.

So, what exactly did he say about the future of lab-grown diamonds and India’s role in it? Let’s take a look.

What Did Amit Shah Say About Lab-Grown Diamonds?

Speaking at the 52nd India Gem & Jewellery Awards, Amit Shah highlighted how the emergence of lab-grown diamonds is changing the traditional diamond trade.

He pointed to the potential scale of the category, saying that the lab-grown diamond market could become nearly 50 times the size of the current diamond market in terms of volume.

The distinction between volume and value is important. The 50x figure refers to the potential scale of the market by volume, rather than suggesting that the market's monetary value will become 50 times larger.

For India, however, even this potential increase in volume represents a significant opportunity.

The country already has the infrastructure, skills, capital and entrepreneurial ecosystem needed to participate in the growing industry.

Amit Shah's Bigger Message: India Should Control the Entire Ecosystem

The most important part of Amit Shah's address was not only the potential size of the lab-grown diamond market.

It was his call for India to control the entire value chain.

He urged Indian jewellers and businesses to build capabilities across every stage of the industry, including:

Manufacturing lab-grown diamond machinery
Growing and producing diamonds
Cutting and polishing
Crafting diamond jewellery
Building Indian jewellery brands
Establishing Indian showrooms in global markets

This changes the conversation from simply producing lab-grown diamonds to building an entire industry around them.

If India can participate across this value chain, more of the economic value created by the growth of the category can remain within the country.

Production to Global Jewellery Brands

A strong lab-grown diamond industry does not begin and end with diamond production.

It starts with technology. India has the opportunity to develop capabilities in machinery and production technology, followed by diamond growing, cutting and polishing, jewellery manufacturing, design, branding and retail.

The complete value chain can be viewed as:

Machinery → Diamond Production → Cutting & Polishing → Jewellery Manufacturing → Branding → Retail → Global Markets

Building these capabilities together could help India move further up the value chain.

This is particularly important because India has historically been one of the world's leading centres for diamond cutting, polishing and jewellery manufacturing.

The next opportunity is to add technology, branding and global retail to that existing strength.

Why India Is Well Positioned for This Opportunity

India already has a deep connection with the global diamond and jewellery trade.

The country has developed a large ecosystem of manufacturers, diamond processors, jewellery makers, traders, designers and exporters.

Surat has become one of the world's major diamond processing centres, while Mumbai has played a significant role in diamond trading, exports and the wider gems and jewellery industry.

Amit Shah specifically pointed to the achievements of Surat and Mumbai as examples of what Indian businesses have already built in the global diamond trade.

This existing ecosystem gives India an important starting advantage as lab-grown diamonds continue to develop.

India does not need to create an entirely new jewellery industry.

It can build the next one on top of the capabilities it already has.

The Role of Surat and Mumbai in India's Diamond Industery

The significance of Surat and Mumbai was another important part of Amit Shah's address.

Surat's diamond industry has transformed the city into a global centre for cutting and polishing. Mumbai, meanwhile, has played a major role in diamond exports and the wider gems and jewellery trade.

Together, these cities represent two important parts of India's diamond ecosystem: manufacturing and global trade.

The emergence of lab-grown diamonds creates an opportunity to strengthen both.

With the right investment in technology, infrastructure and talent, India can use its existing diamond expertise to build a much broader lab-grown diamond ecosystem.

India's Gems and Jewellery Industry Already Has Global Scale

The lab-grown diamond opportunity comes at a time when India's existing gems and jewellery industry is already a major contributor to the economy.

At the event, Amit Shah highlighted the scale of India's gems and jewellery trade, including exports of around ₹2.44 lakh crore in 2025.

The sector also provides direct and indirect employment to nearly 75 lakh people.

India is already a major global processing centre for cut and polished diamonds and exports jewellery to markets including the United States, Europe, West Asia and Hong Kong.

This existing scale is important because lab-grown diamonds can build upon an established network rather than developing in isolation.

Government Support for the Lab Grown Diamond Industry

Building a complete ecosystem requires support beyond individual businesses.

Amit Shah said that the Union government is working on a policy for the lab grown diamond sector, while Gujarat and Maharashtra are also working on policies for the industry.

Such policy support can become important as India develops capabilities in manufacturing technology, diamond production, jewellery manufacturing and exports.

The objective is not simply to increase production.

It is to create the conditions required for companies to invest, innovate and build businesses that can compete globally.

India Is Building More Jewellery Infrastructure

The development of new infrastructure is another part of India's broader gems and jewellery growth story.

During his address, Amit Shah highlighted initiatives such as the Bharat Ratnam Mega Common Facility Centre, which provides facilities for areas including 3D printing, casting and refining.

The India Jewellery Park is another major development for the sector, with significant planned investment and employment potential.

These facilities can help Indian businesses access modern manufacturing capabilities and adopt new technologies while improving the overall competitiveness of the sector.

For lab-grown diamond jewellery, such infrastructure can become increasingly relevant as brands and manufacturers look to scale production and introduce new designs.

From Indian Manufacturers to Global Indian Brands

Perhaps the biggest opportunity lies beyond manufacturing.

India has traditionally been known around the world as a major manufacturing centre for diamonds and jewellery. The next step is to build Indian brands that are equally recognised by global consumers.

Amit Shah called for Indian brands to become global brands and encouraged the industry to establish Indian companies and showrooms in markets around the world.

This represents a shift in ambition.

The goal is no longer only to manufacture jewellery for global companies.

It is to create Indian companies that can own the customer relationship, build strong brands and compete directly in international markets.

For the jewellery industry, this could be one of the most important opportunities created by the growth of lab-grown diamonds.

What Could the 50x Opportunity Mean for Indian Jewellery Brands?

A potential 50x increase in lab-grown diamond market volume could have an impact across the entire jewellery ecosystem.

For manufacturers, it could create demand for greater production capacity.

For diamond processors, it could create opportunities to expand cutting and polishing capabilities.

For jewellery designers, it could lead to new collections and designs.

For Indian jewellery brands, it could open new opportunities to serve consumers in India and overseas.

For retailers, it could support expansion into new cities and international markets.

For technology companies, it could create demand for machinery and production solutions.

This is why the opportunity cannot be viewed simply as a question of how many lab-grown diamonds India can produce.

The bigger question is how much of the value created around those diamonds India can capture.

Moving Further Up the Value Chain

India has already built significant strength in manufacturing.

The next stage is to move further up the value chain.

Instead of stopping at diamond production or jewellery manufacturing, Indian businesses can build capabilities across:

This can create a more complete industry where Indian companies participate from the beginning of the process to the final customer.

That is the larger opportunity behind Amit Shah's message.

What Amit Shah's Vision Could Mean for India's Diamond Industry

The emergence of lab-grown diamonds is changing the structure of the global diamond industry.

For India, the timing is significant. The country already has a strong diamond manufacturing base, a large jewellery workforce, established export relationships and growing capabilities in technology and retail.

Lab-grown diamonds provide an opportunity to bring these strengths together.

If India can build the complete ecosystem, the country could move from being primarily a major manufacturing hub to becoming a global hub for lab grown diamond production, jewellery, brands and retail.

Lukson and India's Next Chapter in Diamonds and Jewellery

At Lukson, we are proud to be part of India’s growing lab grown diamond jewellery industry and to contribute to its next phase of global growth.

As we expand into the US market, our focus is on taking Indian jewellery and lab-grown diamond expertise to a wider international audience.

India has the talent, manufacturing capabilities and industry experience to build brands for global consumers. At Lukson, we look forward to being part of that journey by building an Indian jewellery brand with a growing presence in international markets.