Love Is In The Air

Let me begin with a few lines of gratitude to all the stakeholders of the Lab Grown Diamond industry.

With your help and support, we have embarked on an exciting journey where a fair exchange of developments and ideas is very important.

I take this opportunity to personally thank Shri. Bharat Shah, the doyen of the diamond industry. We are grateful

By virtue of the direct tax benefits extended to the middle class consumers in the 2023 budget, there will be more money in their hands and this is a good sign for the diamond industry.

National Retail Federation (NRF) is the leading authority and voice for the retail industry inAmerica. NRF conducted a survey of 7,616 US adult consumers from 3rd through 11th January. According to their findings, Valentine’s day , celebrated on 14th February every year has emerged as a major event for gift buying.

The top gifts that consumers buy for their loved ones include candy (57%), greeting cards (40%), flowers (37%), an evening out (32%), jewellery (21%), gift cards (20%) and clothing (19%).Americans plan to spend more than $5.5 billion on jewellery and nearly $4.4 billion on a special evening out, NRF said. About one-third (32%) plan to give a gift of experience, up from 26% last year and the highest since NRF and Prosper started asking this question in 2017.

Consumers are expected to spend $25.9 billion on

Valentine’s Day this year, up 8% from $23.9 billion in 2022 and one of the highest spending years on record, according to NRF’s annual survey .

In India too, young consumers express their love by gifting diamond jewellery. While majority of the gifts are for girlfriends and spouses, it is now being extended to other members of the family too.

As consumer acceptance for lab diamonds increases, many young millennials who are looking for a sustainable alternative will consider lab diamond jewellery for gifting. The domestic market for jewellery is expected to remain firm due to the forthcoming wedding season.

According to industry analysts, amidst the headwinds in China and the western markets, India offers a bright spot. India stands out as the market which had a good run in 2022 and is expected to weather the economic storm better than other economies. The diamond jewellery market will also follow and will be one of the markets expected to have the highest growth. Additionally, the Middle East market, driven by buoyant oil prices, is expected to continue to do well. Luxury brands have had a stellar 2022 and they too will continue their run.

Let’s together welcome the Love Season beginning with Valentine’s Day followed by weddings.