At a recent meeting organized by the Gem and Jewellery Export Promotion Council (GJEPC) in India, Dilip Mehta, Honorary Chairman of Rosy Blue, addressed the audience, emphasizing that the jewelry industry should cease viewing lab-grown diamonds and natural diamonds as competitors and instead consider how these two products can complement each other.
“There are concerns that [lab-grown diamonds] might replace natural diamonds, which have been the cornerstone of our industry for centuries,” Mehta said during his keynote speech at the Innov8 Talks event in Mumbai. “Rather than seeing this as a zero-sum game where one must win and the other must lose, I believe we have a tremendous opportunity to grow the market together.”
“In fact, both natural diamonds and lab-grown diamonds have unique values, and if combined, they can complement each other, helping the entire jewelry market to grow,” he continued. “The rise of lab-grown diamonds does not spell the end for natural diamonds. Instead, it means we have more tools to meet consumer needs.”
Mehta encouraged attendees to think about the impact the invention of airplanes had on the shipping industry.
“When airplanes were invented, many believed that ships would become obsolete,” he said. “Indeed, air travel did replace long-distance travel by sea. But ships did not disappear. Instead, they transformed their business into luxury cruises, offering experiences that planes could never provide.”
He pointed out that while lab-grown diamonds can meet certain consumer demands, natural diamonds offer something unique—heritage, rarity, and emotional connection.
Mehta drew another analogy with the introduction of smartwatches.
“A few years ago, when Apple launched the smartwatch, the industry was very nervous,” he said. “While Apple may have captured a segment of the accessories market, the impact on jewelry has been minimal. Jewelry remains a symbol of personal expression and luxury, something a smartwatch, no matter how sophisticated, can never replace.”
“This experience teaches us that while new innovations can disrupt the status quo, they rarely eliminate the demand for truly timeless products. Instead, they push us to be more innovative to meet consumer needs.”
Mehta described lab-grown diamonds as “a designer’s dream.”
“They offer flexibility and creativity, allowing designers to think outside the box and create exciting new products,” he said. “This innovation should not be seen as a threat but as an opportunity to elevate the industry and broaden its appeal.”
However, Mehta cautioned lab-grown diamond manufacturers to remember that “sometimes, less is more.”
“It’s natural to want to be the biggest and outdo the competition,” he said. “But we must also consider sustainability. Building a lasting business requires us to respect the industry’s ecosystem, rather than trying to dominate the market at all costs. A balanced approach will ensure that lab-grown diamonds make a positive contribution to the industry without disrupting the delicate balance we’ve established over decades.”