The enduring phrase “diamonds are forever” may take on a new meaning with the rise of lab-grown diamonds. These stones boast the same composition and quality as their natural counterparts but at a significantly reduced cost. The only difference is that they are created in a laboratory rather than being mined from the earth.
In this year’s Budget speech, Finance Minister Nirmala Sitharaman announced that the Indian government would be focusing on the growth of lab-grown diamonds (LGDs).
“Customs duty on the seeds used in lab-grown diamond manufacturing will be reduced,” Sitharaman said adding that grants would be provided to Indian Institutes of Technology (IITs) to aid in the growth of LGDs in India.
Sitharaman announced that the government had eliminated the 5% customs duty on the seeds utilized for creating rough LGDs. The decision has been taken with a view to bring down the cost of production of lab-grown diamonds.
LGD is a technology-and innovation-driven emerging sector with high employment potential, Sitharaman said during her speech.
Lab-grown diamonds, also known as synthetic diamonds, are man-made gems that possess the same chemical and physical properties as natural diamonds.
They are created in a laboratory setting using advanced technology that simulates the conditions necessary for diamond formation in the earth’s mantle.
Lab-grown diamonds have been gaining popularity over the past few years as a more sustainable and ethical alternative to natural diamonds. This is because the mining of natural diamonds has been associated with a range of negative environmental and social impacts, including deforestation, water pollution, and human rights abuses.
GROWING POPULARITY OF LAB-GROWN DIAMONDS
This story is from the February 2023 edition of Beyond Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 2023 edition of Beyond Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Regulator's Ire
The RBI's action on Paytm Bank underscores the need for fintechs and other regulated entities to not lose sight of compliance while pursuing innovation and growth
CHARLIE MUNGER BEYOND THE MONEY, A LEGACY OF WISDOM
Charlie Munger's principles - overcoming adversity, patience, and lifelong learning - are success cornerstones for investors and followers
SUNSHINE AFTER THE STORM?
Favourable policies, strong crop yields, and prospects of improved rains could help navigate the challenges in rural FMCG demand
FROM PAUSE TO PLAY
India's media and entertainment industry stages a comeback after the pandemic, propelled by a digital boom
GREEN MAKES A CLEAN SWEEP
India's cleantech sector soars on strong government backing, plunging renewable energy costs, and surging investor interest
SEEKING SWEETER RELIEF
Higher production eases sugar worries, but industry eyes relaxed ethanol curbs to fuel future growth
RISKS BENEATH THE SURGE
The surge surge in PSU stocks may hide potential valuation concerns. Investors need to be selective and focus on PSUs with strong earnings
GREEN SHOOTS FOR GLOBAL GROWTH
Global growth surges on US strength, upgrades, and India's rise, but China's shadow looms
AIMING HIGH
India's economy expects strong GDP growth, backed by optimistic forecasts
IMPORTANT JARGON
MONETARY POLICY COMMITTEE (MPC) MAINTAINS STATUS QUO ON INTEREST RATES; HOWEVER, STAYS VIGILANT ON INFLATION