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December 6, 2024Indian diamond industry at crossroads,LGDs are the ‘disruptors’
India’s love affair with lab-grown diamonds received a significant boost in the 2023 Union Budget. During the 2023 Budget presentation, Finance Minister Nirmala Sitharaman announced a significant push to promote lab-grown diamond production in India.
This initiative includes a five-year R&D grant to an IIT and a reduction in import duties on raw materials. Shortly afterwards, Prime Minister Narendra Modi made headlines by gifting a lab-grown diamond to US First Lady Jill Biden, crafted in India’s diamond capital, Surat.
Enter lab-grown diamonds (LGDs), the brilliant disruptors, transforming how we think about and wear these coveted gems. While Lab-Grown diamonds cost a fraction, they come without the environmental and ethical concerns tied to traditional diamond mining.
