Mehul Vaghani recently claimed that his company is the world's largest CVD (Chemical Vapor Deposition) diamond producer, which raises the question of whether the diamond producers in Henan, China, acknowledge this claim.
Given the significant investments made by numerous Indian diamond companies in lab-grown diamonds over the past five years, it is not surprising that an Indian company, known as the largest natural polished diamond manufacturer globally, is also actively participating in this field. In fact, Kira Diam, founded by Vallabhbhai Patel of Kiran Gems, claims to be the world's largest producer in this sector, specializing in CVD-grown gem-quality diamonds primarily for the U.S. jewelry market.
Unlike some manufacturers who remain more discreet about their involvement in lab-grown diamonds, this large family-owned enterprise is openly enthusiastic about it. Patel has expressed his desire to make lab-grown diamonds accessible to every household, noting that while only a small fraction of people can afford natural diamonds, "with lab-grown diamonds, the potential now is for 100% of the population," as he mentioned in a 2024 interview.
While Kira Diam and Kiran Gems are separate entities, the brand name reveals a clear connection between the two: Shanay Parekh, a partner at Kira Diam, pointed out that the name "Kira" not only means "beam" but also shares a similarity with "Kiran," differing by just one letter.
Since Kiran Gems first ventured into the lab-grown diamond business, the market has seen significant changes, including a dramatic drop in prices due to increased production. The company’s price list from three months ago showed that 1 to 2-carat, F to G, VS-grade round and fancy diamonds were priced at around $150 per carat. As a result, wholesale margins have become much thinner than before.
The confidence with which Indian companies assert their dominance in the lab-grown diamond sector has certainly helped them secure a strong position in Western markets. Whether it’s in the jewelry industry or among CEOs of Fortune 500 companies, Indian-origin leaders are increasingly prominent. While Henan, a significant player in the lab-grown diamond industry, has yet to publicly respond to such claims, it’s clear that the assertiveness of Indian companies has positioned them as winners in many global markets.
This raises the question: Should others, perhaps even in Henan, learn from this confidence and approach?