Where Do Lab-Grown Diamonds Fit Into The Indian Idea Of Forever?

In India, diamonds have long stood for permanence of all kinds — emotional, cultural and financial. Wedding jewellery, heirlooms and milestone pieces have traditionally relied on natural diamonds, prized for rarity and resale value. But Deloitte’s latest jewellery industry report suggests that while the idea of 'forever' remains intact, the way Indians engage with diamonds is becoming more layered, and lab-grown diamonds are gaining traction in gifting.

According to Go for Gold: A Winning Playbook for the Gems and Jewellery Industry by Deloitte, consumer preference still tilts heavily towards natural diamonds.

About 44% of respondents favour natural diamonds, compared to just 8% for lab-grown diamonds (LGDs). That gap highlights a crucial reality: LGDs are gaining awareness, but they are not yet seen as heirloom or investment-grade assets.

Where LGDs are gaining traction is in gifting and everyday jewellery. Deloitte’s survey shows lab-grown diamond-studded pieces are now the most preferred gifting option, chosen by 44% of respondents — ahead of gold coins and traditional gold jewellery. The appeal lies in affordability, ethical positioning and design flexibility, making LGDs more suited to lifestyle-led consumption than ceremonial buying.

This distinction is central to how Titan Company is approaching the category. The Tata Group company recently launched beYon, its first lab-grown diamond brand, framing it not as a threat to natural diamonds but as a way to expand the market.

In a recent analyst call, Titan’s management estimated the LGD market at under 2% of India’s overall diamond-studded jewellery segment, underlining how nascent it still is. "It is better to err on the safer side and make it attractive to the customer and bring in more customers and expand than start looking at how do I optimise profitability," said Ajay Chowla, Managing Director.

Titan does not expect near-term cannibalisation. Instead, it sees LGDs as a bridge — bringing aspirational consumers into the diamond category before they eventually trade up to natural stones.

Globally, De Beers is also sharpening its India strategy — but from the opposite end of the spectrum. CEO Al Cook has said the company is betting on rising domestic demand even as lab-grown stones gain visibility worldwide.

De Beers is expanding its Forevermark footprint in India and plans its largest global store in Mumbai, signalling confidence in India’s appetite for natural diamonds. Cook notes that diamonds are increasingly being bought for celebrations rather than just weddings, with Gen Z emerging as the fastest-growing buyer segment.

Deloitte’s conclusion is clear: lab-grown diamonds are not redefining 'forever' — they are redefining frequency. Gold and natural diamonds continue to anchor trust, tradition and long-term value. LGDs, meanwhile, are carving out a parallel role in accessible luxury, self-expression and repeat purchases.