India is taking a shot at the global diamond trade with its lab-grown variety, whose exports were estimated at around $1.5 bn in 2022-23.
Fuelling its expectations is the US Federal Trade Commission (FTC) recognising it as 'cultured', instead of artificial or synthetic.
On the eve of the G20 ministerial meeting here in Delhi, Commerce and Industry Minister Piyush Goyal said lab-grown diamonds are made through natural elements and the recognition by the US FTC will further enhance their acceptance globally and benefit Indian entities. "It is a huge thumbs up for the Indian industry," he added.
The government had sought to provide an impetus to lab-grown diamonds in this year's budget and provided a grant to IIT-Madras to establish an India Centre for Lab-Grown Diamond. These diamonds are cheaper compared to natural ones, and the price depends on the size and quality.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
