India, which cuts or polishes about 90% of the diamonds sold in the world, is ramping up sales of laboratory-made gems as demand from the US surges and they become more accepted in other markets.

Exports of polished lab-grown diamonds may double in the current financial year started April 1 from $1.3-billion in the prior year, Vipul Shah, vice chairman of the Gem & Jewellery Export Promotion Council, said in an interview. “We have a huge potential to grow exports to $7-billion to $8 billion in the next few years on the back of US demand and acceptability in the UK and Australia,” he said.