JAIPUR : Billionaire Gautam Adani urged diamond businesses to shift their focus towards technological innovation and ethical sustainability through the manufacture and sale of lab grown diamonds in his address at the 51st Gem & Jewellery Awards.

The Chariman of the Adani Group called India the “jewel in the global crown of the cut-and-polished diamond market”, noting that it had 26.5% of global market share in the industry.

“But the recent 14% decline in exports is more than a statistic — it is a wake-up call. It signals a turning point where challenges, both temporary and permanent, demand that we reimagine our approach,” Adani said.

He put emphasis on sustainability and new innovations in technology stating that they are reshaping industries the world over.

“The rise of lab-grown diamonds, the demand for transparency and ethical practices, shifting consumer priorities, and the digital wave are not just disrupting the status quo; they are creating a new blueprint necessary for success,” he stated.

He called lab grown diamonds a “market disruptor” and drew attention to their official recognition by the US Federal Trade Commission as real diamonds.

He also noted that they cost considerably less than natural diamonds.

He also pointed towards advancement in artificial Intelligence technology and material science in improving the quality and precision of diamond product manufacturing.

“It’s not far-fetched to imagine a future where we design our own diamonds — specifying every detail, from cut to colour, clarity, and carat weight — making each piece uniquely personal. This is the future we must embrace,” the industrialist stated.

He also touched upon the shifting concept of jewellery drawing attention to products such as smartphones, watches and other wearables are becoming new personal status symbols, and “redefining luxury”.