INTERNATIONAL GEMOLOGICAL INSTITUTE Q2 : LAB-GROWN DIAMOND PRICES STABILISE, CERTIFICATION DEMAND SET TO GROW

• LGD PRICES: Wholesale prices stabilised near $100 per carat in 2025–26, compared with $1,502 in 2019. • LGD PRODUCTION: Capacity increased 5–6 times over the past 3–4 years, reaching 35–45 million carats. • INDIA GROWTH: Per-capita GDP projected to rise from $2,600 to $5,000 by 2030, supporting diamond consumption. • CUSTOMER BASE: Addressable urban diamond-buying households projected to expand from 17 million to 94 million. • RETAIL PRICING: LGD wholesale value of $80–120 versus retail prices of $300–700, increasing the importance of certification. • CERTIFICATION FEES: Just 2–3% of retail prices, supporting demand for independent certification.

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