This article first appeared in the JNA Lab-Grown Diamond Special – LGD Summit 2022 special edition.

Spanning three generations of proven jewellery manufacturing prowess, family-owned Diamspark made a pivotal choice five years ago to shift to lab-grown diamond production. This decision proved both timely and strategic, with major markets such as the US taking a strong interest in the product category.

The decision to enter the lab-grown diamond space was the brainchild of third-generation owner Raj Vaidya, who joined the family business in 2017.

“At the time, lab-grown diamonds were already generating a buzz. It piqued our interest,” revealed Diamspark Vice President Shrey Vaidya. “We did extensive research on this product and saw its potential down the road. With lab-grown diamond awareness on the rise, we were certain that market demand would further strengthen.”

Resplendent demand

Buyers are currently on the lookout for certified lab-grown diamonds of one carat and up, according to Rakesh Vaidya, father of Raj and Shrey. The market however is increasingly becoming interested in smaller lab-grown diamonds to set in jewellery, especially non-certified stones weighing 0.8mm to 0.50 carat, both High-Pressure, High-Temperature and Chemical Vapor Deposition variants, in EF and GH colours of VVS1 to SI3 clarity grades.

Prospects are bright for lab-grown diamond producers as modern buyers become more receptive to natural diamond alternatives.

“It is a growing market. The US is one of the first markets to accept lab-grown diamonds. More and more countries are following suit, and this presents massive growth opportunities for lab-grown diamond manufacturers,” noted Raj, owner of Diamspark. “With lab-grown diamonds, middle-class customers have a chance to afford a luxurious yet affordable item.”

Diamspark is planning to expand its lab-grown diamond portfolio to include fancy colour options such as blue, yellow and pink lab-grown diamonds. The company has also started a lab-grown diamond jewellery line with over 2,500 designs.

Diamspark now has a presence in New York, Los Angeles, Mumbai and Surat.