With India playing a major role in the growth story of lab-grown diamonds, the Government is taking steps to encourage indigenous production of LGD seeds and machines and to reduce import dependency
At a press conference held in Jaipur this week, Union Minister Piyush Goyal said that lab-grown diamonds are the same as natural ones and added that the Central Government will now include those in Free Trade Agreement (FTA) talks with other countries.
The Minister made the remarks ahead of the two-day G20 Trade and Investment Ministerial Meetings that began on August 23.The five priority areas of the meeting were growth and prosperity to trade; resilient global value chains; integrating MSMEs in global trade; logistics for trade and WTO reform.
“I want to share with you some good news. India is playing a big role in lab-grown diamonds. A decision has been taken at a global level that lab-grown diamonds are not artificial diamonds, they are not synthetic diamonds, they are equivalent to natural diamonds. The United States has recognized that lab-grown diamonds are not artificial diamonds. Lab-grown diamond is like a natural diamond,” Goyal said.
Lab Grown Diamonds (LGD) is a technology innovation-driven emerging sector with high employment potential. These environment-friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, the Government in its 2023 Budget announced that a research and development grant will be provided to one of the IITs for five years. Also, it was proposed to reduce the custom duty rate on LGD seeds from 5% to nil.
Courtesy: theprint.in
