Lab Grown Diamonds

Lab-grown diamonds, also known as synthetic diamonds, are diamonds that are produced using advanced technology that imitates the geological processes that form natural diamonds. These diamonds have similar physical, chemical, and optical properties as natural diamonds, making them a popular alternative to natural diamonds.

Customs Duty Reduction

Union Finance Minister Nirmala Sitharaman announced during the Union Budget 2023-24 that customs duty on the seeds used for manufacturing lab-grown diamonds will be reduced. This reduction in customs duty is aimed at promoting domestic production of lab-grown diamonds in India. By reducing the cost of production, the government hopes to encourage more companies to invest in the production of lab-grown diamonds and to make them more accessible to the general public.

Grants for IITs

In addition to reducing customs duty, the government will also provide grants to the Indian Institutes of Technology (IITs) to support the growth of lab-grown diamonds in India. The IITs will use these grants to conduct research and development into new and innovative techniques for producing lab-grown diamonds. This will help to make the technology more efficient and cost-effective, which will in turn help to promote the growth of the industry.

Advantages of Lab-Grown Diamonds

There are several advantages to using lab-grown diamonds, as opposed to natural diamonds. Firstly, lab-grown diamonds are more environmentally sustainable, as they do not require the excavation of mines, which can have negative environmental impacts. Secondly, lab-grown diamonds are often more affordable than natural diamonds, making them more accessible to a wider range of people. Finally, lab-grown diamonds are often more ethical, as they are not associated with the human rights abuses and environmental degradation that can sometimes occur in the diamond mining industry.