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Factors Affecting the Demand of Lab-Grown Diamonds: A Case of India
Abstract
The global demand for lab-grown diamonds, including in India, is rising, yet the factors driving this surge are not fully understood. The Union Budget 2023-2024 allocated ₹242.96 crores over five years to promote lab-grown diamond production at an Indian Institute of Technology (IIT), reflecting a shift towards consumer demand. This study investigates the factors shaping lab-grown diamond demand in India, gathering primary data from 364 respondents through stratified sampling. Statistical analyses using SPSS identify financial considerations, marketing efforts, and consumer behavior as key drivers. Social status, ethical concerns, and rarity perception also influence demand, highlighting diverse consumer decision-making in the market.
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