In this episode of the State of Economy Podcast, businessline's  Subramani Ra Mancombu speaks with Ricky Vasandani, CEO and co-founder, Solitario Diamonds, to understand the factors fueling this surge — from affordability and innovation to growing consumer awareness. We dive into the dynamic world of lab-grown diamonds, a sector experiencing rapid growth and transformation in India. 

The conversation touches on key developments, including the Indian government's incentives, the influence of Prime Minister Narendra Modi’s high-profile gift of a lab-grown diamond, and the implications of natural diamond giant DBRS exiting the lab-grown market.  

Vasandani explains why lab-grown diamonds are becoming a compelling alternative, offering the same sparkle and certification as natural ones at a fraction of the cost. 

They also explore how rising gold and silver prices, tariff shifts, and seasonal trends like Akshaya Tritiya are shaping demand. With prices stabilising and consumer confidence increasing, lab-grown diamonds are moving from niche to mainstream. 

Vasandani offers insights into future risks, growth potential, and why the market for larger stones and diverse jewellery styles is expanding. Tune in to discover how lab-grown diamonds are transforming the jewellery industry and what lies ahead for this innovative and accessible luxury. 

(Host: Subramani Ra Mancombu Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.