DiamondBuzz
NDC’s LGD Report highlights price declines, soaring retailer margins, concerns over sustainability claims
The Natural Diamond Council (NDC) has released a comprehensive report titled ‘Laboratory-Grown Diamond Facts’ shedding light on the current state of the laboratory-grown diamond (LGD) market, highlighting dramatic price declines, soaring retailer margins, and concerns over sustainability claims.
The report draws on data from leading industry analysts Edahn Golan and Paul Zimnisky and aims to equip consumers, retailers, and the media with transparent, fact-based insights to navigate a complex and fast-evolving category.
The report notes that the average price of a 1.5-carat LGD has plummeted 86%, from $10,750 in 2015 to $1,455 in 2025. Wholesale prices for 1ct VS1 F-G-H colour LGDs have fallen 95% since 2018, while retail prices have dropped 76%. Average retail margins have jumped from 85% in 2018 to over 500% today.
“Laboratory-grown diamonds are mass-produced in limitless quantities, but their sustainability claims often lack scrutiny,” said Natural Diamond Council’s CEO, David Kellie. “Our goal is to give consumers and other stakeholders a balanced picture that will inform more nuanced conversations and help consumers confidently make informed decisions.”
The report comes at a time when LGDs are increasingly positioned as eco-friendly alternatives to natural diamonds. However, the NDC cautions that such claims can be misleading, especially given the high energy and fossil-fuel dependence of many production facilities.
Adding to the growing distinction between natural and lab-grown diamonds, the Gemological Institute of America (GIA) recently announced it will no longer use the 4Cs grading system for LGDs. Instead, the GIA will categorise LGDs broadly as “premium” or “standard”—or omit grading if quality is subpar—further underlining the need for clearer differentiation between the two products.
Kellie noted, “All too often, laboratory-grown diamonds are unfairly pitted against natural diamonds in comparisons that only leave consumers in the dark. Consumers deserve more. They need clear, honest information that will help them understand their choices. Without this clarity, the two different product categories natural and laboratory-grown diamonds will become obscured. This isn’t simply about pricing – it’s a wake-up call for greater clarity and integrity across all facets of the market.”
The NDC report also offers context on LGDs’ industrial origins, legal labelling requirements, and the role of certification bodies like GIA, IGI and GSI in ensuring proper disclosure
DiamondBuzz
Belgian Prime Minister Bart De Wever opens expanded HRD Antwerp laboratory in Mumbai
HRD Antwerp is increasing its research capacity in Mumbai by 30%. The official opening, which takes place as part of a two-day visit by Prime Minister Bart De Wever to India, marks an important next step in the growth of HRD Antwerp in India
In the presence of Belgian Prime Minister Bart De Wever, HRD Antwerp, Europe’s leading authority in diamond and jewellery grading and a subsidiary of the Antwerp World Diamond Centre (AWDC), officially opened its renovated and significantly expanded laboratory in the Bandra Kurla Complex (BKC) in Mumbai, India. Thanks to the expansion, HRD Antwerp is increasing its research capacity in Mumbai by 30%. The official opening, which takes place as part of a two-day visit by Prime Minister Bart De Wever to India, marks an important next step in the growth of HRD Antwerp in India, one of the world’s leading centres for the trade and cutting of natural diamonds.
For HRD Antwerp, a grading report is not an administrative document but a guarantee of trust, transparency and authenticity. As an independent, neutral party between science, industry and consumer, HRD Antwerp is a worldwide guarantor of objective and reliable diamond and jewellery grading, a principle the organisation has upheld since its founding. HRD Antwerp was established in 1973 and has been active in India since 2012. Today it serves around 1,500 clients there, including jewellery manufacturers and retailers, as well as companies that produce and trade cut diamonds.
The Indian branch now accounts for 59% of HRD Antwerp’s total group revenue and is expected to grow by 15.4% this year, compared with a projected growth of 12.6% for the group as a whole. Jewellery grading is an important growth driver in this respect: as much as 47% of HRD Antwerp’s total revenue increase comes from that segment.
“As the authority in grading reports for natural diamonds and diamond jewellery, and in research into natural diamonds, we are already firmly established in India today”, says Paul De Wachter, CEO of HRD Antwerp. “India remains the world’s most important centre for diamond cutting. For a diamond laboratory such as HRD Antwerp, which provides cut natural diamonds with an independent and objective grading report, it is therefore essential to keep investing in this market.”
Thanks to the expansion, HRD Antwerp in Mumbai can now examine and grade up to 2,000 diamonds per day, a capacity increase of 30%. To support this additional capacity, HRD Antwerp is recruiting 40 additional employees to work full time. The investment underlines HRD Antwerp’s confidence in the Indian market and strengthens the longstanding cooperation between Belgium and India within the international diamond and jewellery sector.
During the opening, Prime Minister Bart De Wever was given a tour of the renovated office. He was shown the diamond grading process and was able to examine a diamond up close himself using a microscope. The demonstration was provided by HRD Antwerp’s Indian experts.
Alongside the Prime Minister, also present were Paul De Wachter, CEO of HRD Antwerp, Ramakant Mitkar, Managing Director of HRD Antwerp India, Chirag Shah, Vice Chairman of AWDC, Didier Vanderhasselt, Belgian Ambassador to India, and Frank Geerkens, Consul General of Belgium in Mumbai.
Paul De Wachter, CEO of HRD Antwerp: “The visit of our Prime Minister underlines the importance of cooperation between Belgium and India within the global diamond sector. India and Antwerp together form two indispensable links in the international diamond chain. With this expansion, we are investing not only in additional capacity, but above all in the future of our cooperation with the Indian diamond and jewellery sector.”
Bart De Wever, Prime Minister of Belgium wrote the following message in HRD Antwerp’s guestbook during his visit: ” Sicut adamas fulget, ita fiducia inter gentes monet. As a diamond shines, so trust endures between nations “
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