India's traditional diamond industry is facing fierce competition from the rising trend of lab-grown diamonds. The global market for lab-grown diamonds is projected to reach $15 billion by 2035, and India wants to become a leader in this field. In 2020, India's Union Budget provided a 2.5% customs duty on the import of lab-grown diamonds, making it cheaper for Indian diamond manufacturers to import the technology.
However, Indian manufacturers still face challenges such as the high cost of equipment and lack of skilled labour. To overcome these challenges, India is investing in research and development of lab-grown diamonds and is also setting up a Centre of Excellence for Diamonds to promote the technology. The success of India's bet on lab-grown diamonds will depend on the country's ability to innovate and compete in the global market.
Government also announced the setting up of a research and development grant to encourage indigenous production of LGD seeds and machines and to reduce import dependency.
For more Updates Do follow us on Social Media
Facebook Page https://bit.ly/3blw5Rg
WhatsApp Group https://bit.ly/3J27nUFJEWELBUZZ