Piyush Goyal chairs a meeting with representatives of the laboratory diamond industry
The Union Minister of Trade and Industry; Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal chaired a meeting with representatives of Lab-Grown Diamonds Industry today in New Delhi.
Discussions on promoting research and development, setting up enabling common facilities and training an adequate workforce to serve this emerging sector took place. Currently, India contributes around 15% of the world’s lab-grown diamond production for which it is currently self-sufficient. However, keeping in mind the future potential, it is necessary to maintain technological autonomy in the production of machinery and a leading position in the production of laboratory-grown diamonds. Given India’s expertise in polishing diamonds, it is imperative that India position itself firmly in the synthetic diamond business as well, as the polishing process is similar. Projected job creation could be in the range of 25 lakh by 2025.
Lab-grown diamonds are diamonds that are grown inside a laboratory using state-of-the-art technology that mimics the process of natural diamond growth and the result is an artificial diamond that is chemically, physically and optically the same as those grown below the Earth’s surface. . Lab-grown diamonds can be created by two processes: high pressure high temperature (HPHT) which is used in China and chemical vapor deposition (CVD) which is used in the United States and India.
Apart from the jewelry industry, lab-grown diamonds are also used in computer chips, satellites and 5G networks as they can be used in extreme environments as they have the potential to operate at higher speeds while using less power than silicon-based chips.
Like natural diamonds, India has proven its leadership role in cutting and polishing lab-grown diamonds. India’s exports of lab polished diamonds amounted to USD 274 million, USD 473 million, USD 637 million and USD 1293 million in 2018-19, 2019-20, 2020-21 and 2020-21 respectively. The annual growth during the same periods was 72%, 35% and 103%.
India exports lab polished diamonds to USA, Hong Kong, UAE, Israel and Belgium etc. The United States accounts for about 67% of Indian exports, followed by Hong Kong with a 14% share.
Shri BVR Subrahmanyam, Secretary and Mr. Vipul Bansal, Co-Secretary were present at the meeting. The industry was represented by Mr. Colin Shah, Chairman of GJEPC, Mr. Sabyasachi Ray, Executive Director of GJEPC, Mr. Samir Joshi Executive Director of Indian Diamond Institute Surat, Mr. Pramod Agarwal, Chairman of National Gem & Jewelery Council of India and other industry representatives.
(With GDP entries)