Sustainability & Affordability Boosting Growth of Lab-Grown Diamonds in India

By: Disha Shah, Founder & Designer, DiAi Designs

Entrepreneur, Disha Shah, founder and designer of DiAi Designs, grew up in Hong Kong and now lives in Mumbai. She aims to make jewelry accessible, stylish, and wearable for women, working with talented artisans to create ethical, economical, and elegant designs made from 18kt/10kt solid gold and certified lab-grown diamonds.

In a recent conversation with Women Entrepreneurs Review Magazine, Disha shares the growth and advancement of lab-grown diamonds and jewelry.

How do consumers perceive lab-grown diamonds versus natural diamonds, particularly in terms of value, quality, and environmental impact?

Consumers' perception of lab-grown and natural diamonds is largely based on their appearance and feel. Some consumers are satisfied with both options, regardless of value or environmental impact. Others prefer higher quality diamonds, such as VVS clarity or better colors, and opt for lab-grown diamonds for budget-friendly options. However, awareness of the resale value of diamonds is increasing, and consumers are realizing that natural diamonds may not be appreciated in value. Despite this, some customers still prefer natural diamonds due to their cultural heritage, particularly in India.

What challenges do jewelry brands face when trying to balance ethical sourcing, customization, and sustainability in meeting consumer demands for personalized designs?

Balancing ethical sourcing, customization, and sustainability is challenging for brands to meet consumer demands. Ethical sourcing applies to natural diamonds, while customization and sustainability require pricing. DiAi Designs, has experienced designers and direct tie-ups with manufacturers, focuses on personalization and sustainability. Emerging technologies like 3D printing and artificial intelligence contribute to waste reduction and sustainability. Balancing these factors is essential for a positive consumer experience.

How are technologies like 3D printing, AI, and CAD helping to reduce waste and improve sustainability in jewelry design and manufacturing?

CAD (Computer-Aided Design) is a significant resource that reduces waste by providing customers with an exact visualization of their design. This process involves transforming a handmade design into a 3D model, which is shared with the customer. This saves time and labor, as customers can make changes at the first stage of the design process. The second stage, 3D printing (CAM), allows customers to print the design in a wax form, allowing them to feel and wear it. If needed, the designs can be reprinted into gold and diamonds, reducing the manufacturing process and providing the customer with their desired product.

What role do digital customization tools play in shaping the future of personalized and sustainable jewelry?

Digital customization tools like virtual drive-ins and online design platforms are shaping the future of personalized jewelry. These tools allow customers to visualize the final product on their bodies, reducing physical presence. AI can also enhance the consumer experience by providing a visual representation of the design. These tools allow customers to select desired colors, metals, and charms, allowing them to make informed decisions about their purchases. This trend is expected to be adopted by many brands in the future.

How is DiAi Designs working towards effectively combining sustainability and advanced technology to attract eco-conscious consumers, especially Millennials and Gen Z?

As a brand we combine sustainability and advanced technology to attract eco-conscious consumers. Prioritizing ethical practices, treating craftsmen and teams right, and minimizing waste in packaging are some steps we have taken.

The brand uses lab-grown diamonds sourced from solar-powered energy and recycled gold while maintaining product quality. The company also offers virtual appointments, allowing customers to see and meet the team virtually. This seamless process is available on their website, reducing hassle and communication for today's busy consumers. By focusing on these factors, we create a more sustainable experience for consumers. The company's commitment to sustainability and ethical practices is evident in its products and services.

How do you foresee the market for lab-grown diamonds evolving? What is the growth opportunity for the industry over the next five years?

Lab Grown Diamonds has opened up a significant gifting segment, catering to bridesmaids, wedding guests, and friends and family. The market is expected to grow further in the next five years due to its versatility and affordability. Lab-grown diamond jewelry, starting in gold, is preferred over regular fashion jewelry due to its resistance to tarnishing. The bridal segment and engagement rings are also expected to grow, as customers are more price-conscious and prefer investing in other luxuries over natural diamonds. Lab-grown diamonds are expected to evolve with more variations, such as larger diamond sizes and shapes, and the ability to experiment with different colored options. The market is already large, and the company has been in the market for a while, but it is expected to grow further in the coming years.