Look to lab-grown diamonds, says Bollywood’s Vivek Oberoi

When you google the word “lab”, among the top three predictions in the search bar is likely to be “lab-grown diamonds”.

Gen Z are driving the sales and demand of lab-grown diamonds, which are surging as the fastest growing segment within the jewellery sector. 

Being 40 to 50 percent cheaper than natural diamonds, the gems are not just more cost-effective, but are also more sustainable and ethical. 

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These factors drive the more purpose-driven and conscious youth to buy synthetic man-made jewels, according to Bollywood actor Vivek Oberoi, who also owns the lab-grown diamond company Solitario. 

“The lie that’s been sold is that jewellery is a good investment. Gold is a real investment, but beyond that, jewellery is not a good investment,” he said. “So why are you spending so much, when you can get the same thing lab-grown for much cheaper?

“We have moved from what was perceived to be a stigma in the youth to be a unique selling point. You’re eliminating the manipulative and exploitative nature of natural gemstones.”

Solitario, has a presence in 25 cities across five countries and is set to open its first store in Dubai this month. The emirate is emerging as a key player in lab-grown diamonds trade with total imports and exports amounting to $1.5 billion in 2022.

To find out how lab-grown diamonds are made and priced, watch the full video