This article first appeared in the JNA Lab-Grown Diamond Special 2023.

Greenlab Diamonds LLP is gearing up for brighter prospects in the lab-grown diamond (LGD) industry on the back of significantly growing consumer demand. The India-based company said plans are underway to ramp up its monthly production capacity to meet an anticipated jump in LGD orders, disclosed Sanket Patel, director of Greenlab Diamonds.

It currently manufactures approximately 200,000 carats of rough LGD via chemical vapor deposition (CVD) per month.

“The industry has seen an influx of investments from venture capitalists and tech companies, which in turn, have driven innovation and acceptance of LGDs,” noted Patel. “Growth in e-commerce and a shift in consumer buying habits have also enabled more people to access and purchase LGDs.”

Alongside a planned increase in LGD production is Greenlab Diamonds’ commitment to research and development to further raise the profile of LGDs globally.

Greenlab Diamonds is a major source of CVD diamonds of 2 carats and up in 3ex (triple excellence) cut and LGD jewellery. Armed with over five decades of diamond manufacturing expertise, the company successfully transitioned from natural to lab-grown diamonds.

Sustainability initiatives

According to Patel, being sustainable is a company’s way of giving back to nature and helping rejuvenate the ecosystem. Greenlab Diamonds is at the centre of sustainable programmes in the LGD space.

“We plant a tree for every LGD that we create,” noted Patel. “We likewise ensure that our standards and policies result in minimising our environmental impact through our manufacturing procedures and supply chains. There is no room for greenwashing.”

Greenlab Diamonds is investing in programmes that allow consumers to recycle and repurpose their LGD jewellery. It is also implementing a waste-reduction initiative that requires reusing materials at its factory whenever possible. Even water is recycled, thereby reducing water consumption and reliance on local water resources. The company also uses eco-friendly packaging materials like recycled paper and biodegradable plastic. Carbon-neutral methods are similarly employed in its facilities.

“We work tirelessly for a sustainable business that nourishes the people and the planet,” shared Patel. “We harness clean energy using solar power through our 25-megawatt solar and 10-megawatt wind power plants, which run for 365 days without any interruptions.”

Greenlab Diamonds works closely with its suppliers to ensure adherence to ethical and sustainable distribution practices. It conducts regular audits and provides transparency in its operations by sharing information on sourcing, manufacturing processes and environmental impact.

Committed to a global effort to address climate change, the company has signed the United Nations Framework Convention on Climate Change pledge to cut greenhouse gas emissions. It has also been audited and listed in the US Green Building Council LEED rating system for its green building concept.

Business growth

Patel expects stronger growth in the LGD sector, owing to rising consumer preference for ethical and sustainable jewellery, higher disposable income and increasing awareness about the environmental benefits of LGDs. Technological advancements in production have likewise made LGDs more affordable and accessible. “LGDs also offer more design flexibility than mined diamonds as they can be grown in a variety of shapes, sizes and colours," he continued.

The challenge is to continue innovating and developing new technology to modernise processes and improve LGD quality. Patel added, "The sector must likewise keep on educating consumers on the differences between mined and lab-grown diamonds, so they can make informed buying decisions.”