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
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