Surat: The Indian government is considering making plans for the development of the labgrown diamond industry with increasing demand for labgrown diamonds in the world’s gem and jewelery industry. Piyush Goyal, the Union Commerce Minister of the Government of India, held a meeting with stakeholders in Mumbai to formulate an exclusion policy for labgrown diamonds.
In this meeting, industrialists of labgrown diamond industry, leaders of Jewelery Export Promotion Council, leaders of Surat Labgrown Diamond Association, officials of the concerned departments of Gujarat Government and Central Government were present in the meeting. In this meeting, Commerce Minister Piyush Goyal asked how the scope of the industry can still increase? How much further increase in exports is possible? What is the need for technology, research and development? Issues such as which incentives would benefit the industry and the government were discussed. Industrialists want a megapark for labgrown diamond manufacturing, common facility center, duty relaxation by state government on electricity, special policy announced for solar, credit policy announced by banks to labgrown manufactures, keeping CVD/HPHT codes separate. Demands were made including
Dinesh Navdia, president of Gujarat region of GJEPC, said that Union Minister Goyal assured that no decision should be taken without considering SMEs and that a proper decision would be taken after meeting with small units as well. Apart from this, there was talk of applying duty on labgrown diamonds. Which was opposed by Labgrown Diamond Association. All these proposals are currently being worked on and a policy will be announced by the authorities bringing together the trades, councils and associations. The government has promised to formulate a policy after the data is collected.
Exports of lab-grown diamonds have increased by 78 per cent in the last 4 months due to demand for lab-grown artificial i.e. lab-grown CVD and HPHT diamonds and diamond jewelery in Surat, India. During April to July, the export of labgrown diamonds has increased to 4842 crores. Which is the highest figure so far. The festive season in India and the Christmas season in Europe are likely to see record-breaking labgrown diamond and jewelery sales. 10 large and 40 small companies are producing labgrown diamonds in Surat and Mumbai. Labgrown diamonds cost 30 to 40 percent less than natural diamonds. The certification of labgrown diamonds is also recognized in the world, and well-known foreign companies are doing certification and grading. The demand for artificial diamonds is increasing against the trade of natural diamonds.