India’s LGD sector to continue with self-regulation

India’s Commerce and Industry Minister Piyush Goyal Friday ruled out additional regulations for the lab-grown diamond industry in the country, stating that the sector has flourished under the existing self-regulatory framework. Speaking during Question Hour in Rajya Sabha, Goyal said the Kimberley Process Certificate for natural diamonds is widely accepted in international markets.

“Wherever we have given free hand, the industry has prospered. Bringing more regulation for this is not in the interest of the industry,” he added. “The government maintains regular dialogue with industry stakeholders and has permitted self-regulation, which has proven effective.  Lab-grown diamonds have in a way become India’s strength across the world,” he said.