Jewellery brand Sparkling Hues today said the total sale of lab-grown diamonds is likely to double to over Rs 32 crore this fiscal on strong demand.
The company's sales stood at Rs 16.5 crore last fiscal.
"The created gemstones market is on an upward curve. We are expecting sales to reach USD 5 million (Rs 32 crore) by the end of 2016," the company's Director Niraj Johri said.
Though sales are satisfactory so far, but the acceptance for created stones is higher in western countries compared to India, he said.
There is a lack of awareness about such diamonds in India as natural jewellery players dismiss them as "cheap synthetic", he said, adding that the company, however, is looking at various options to expand its reach.
The city-based company, which sells under the brand name 'Astralite Moissanite', said it has plans to run its business on franchise model in India and abroad. It is also looking at launching an e-commerce portal and awareness shows.
It has a production capacity to handle 2,000 carats a month. The production of lab-grown diamonds has been increased to 12,000 carats this year from 7,000 carats last year.
