The Government Of India Is Fostering The Growth Of Lab-Grown Diamond Ecosystems

{"AutoID":103,"DateCreation":"\/Date(1689859803343)\/","DateModified":"\/Date(1697436872410)\/","CreatedBy":null,"ModifiedBy":"Rahul Bohra ","RecordStatus":"A","Title":"The Government Of India Is Fostering The Growth Of Lab-Grown Diamond Ecosystems","SubTitle":null,"Description":"\u003cp dir=\"ltr\"\u003eIndia has already had a vibrant lab-grown diamond market for many years. The number of man-made diamond labs, diamond cutting and polishing factories, and diamond experts is proof of it. The sector also generates a considerable level of employment.\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eHowever, now, the lab-created diamond industry is set to move towards unprecedented growth, thanks to government initiatives. In this blog, we look at some key government initiatives and how they make a difference to India\u0026rsquo;s overall \u003ca href=\"https://www.growndiamondcorp.com/blog/lab-grown-diamond-jewelry-market-forecast-size-to-double-by-2025/\"\u003elab diamond market\u003c/a\u003e.\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eIndian Prime Minister Narendra Modi\u0026rsquo;s gift to the USA\u0026rsquo;s First Lady, Jill Biden, a 7.5-carat lab-grown diamond created in India, prepares us for years to come.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch2 dir=\"ltr\"\u003e\u003cstrong\u003eIndia\u0026rsquo;s lab-grown diamond ecosystem: some facts and figures\u003c/strong\u003e\u003c/h2\u003e\r\n\r\n\u003cul\u003e\r\n\t\u003cli dir=\"ltr\"\u003e\r\n\t\u003cp dir=\"ltr\"\u003eIndia is home to Surat, known as the world\u0026rsquo;s diamond polishing capital.\u003c/p\u003e\r\n\t\u003c/li\u003e\r\n\t\u003cli dir=\"ltr\"\u003e\r\n\t\u003cp dir=\"ltr\"\u003eIt is estimated that \u003ca href=\"https://sundayguardianlive.com/business/indias-lab-diamonds-give-jitters-to-global-markets\"\u003enine out of 10\u003c/a\u003e of the world\u0026rsquo;s diamonds are polished in Surat.\u003c/p\u003e\r\n\t\u003c/li\u003e\r\n\t\u003cli dir=\"ltr\"\u003e\r\n\t\u003cp dir=\"ltr\"\u003eIndia produces around three million lab-grown diamonds per year, accounting for 15% of global production.\u003c/p\u003e\r\n\t\u003c/li\u003e\r\n\t\u003cli dir=\"ltr\"\u003e\r\n\t\u003cp dir=\"ltr\"\u003eNow the government has joined hands with the lab diamond industry to make India a key player in the lab-grown diamond industry.\u003c/p\u003e\r\n\t\u003c/li\u003e\r\n\u003c/ul\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch2 dir=\"ltr\"\u003e\u003cstrong\u003eNotable government initiatives for the lab diamond industry\u003c/strong\u003e\u003c/h2\u003e\r\n\r\n\u003ch2 dir=\"ltr\"\u003e\u003cstrong\u003eImport categorization code\u003c/strong\u003e\u003c/h2\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eRecent changes by the Indian government have given \u003ca href=\"https://www.growndiamondcorp.com/lab-grown-diamond-process/\"\u003elab-grown rough diamonds\u003c/a\u003e their own import categorization code, making it easier for businesses to identify them and keep track of their inventory than in the past, when all kinds were tagged as synthetic.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch3 dir=\"ltr\"\u003e\u003cstrong\u003eRemoval of the term \u0026ldquo;synthetic\u0026rdquo;\u003c/strong\u003e\u003c/h3\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eThe Federal Trade Commission (FTC) and the Gemological Institute of India (GIA) banned the use of the term \u0026quot;synthetic\u0026quot; in reference to \u003ca href=\"https://www.growndiamondcorp.com/blog/types-of-lab-grown-diamonds/\"\u003elab created diamonds\u003c/a\u003e. Because lab diamonds share the same optical, physical, thermal, and chemical characteristics as natural diamonds, these two institutions now designate them as such. According to the Gem \u0026amp; Jewellery Export Promotion Council (GJEPC), the government has divided the Indian Trade Clarification (ITC) code for rough synthetic gemstones into diamonds and non-diamonds. This move will help organizations like the GJEPC track the precise quantities of \u003ca href=\"https://www.growndiamondcorp.com/lab-grown-diamonds/\"\u003elab-grown diamonds\u003c/a\u003e entering the market.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch3 dir=\"ltr\"\u003e\u003cstrong\u003eDifferent import codes for lab-grown diamonds and natural diamonds\u003c/strong\u003e\u003c/h3\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003ePreviously, whether they were \u003ca href=\"https://www.growndiamondcorp.com/blog/man-made-diamonds-are-the-future-heres-why/\"\u003eman-made diamonds\u003c/a\u003e or natural stones, all raw synthetic gemstones imported into India had the same import code: 71042000. But now, rough lab-grown diamonds are classified as 71042010, while other rough synthetic stones are given the designation 71042090. This will help track and monitor the two types of diamonds.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch3 dir=\"ltr\"\u003e\u003cstrong\u003eA grant from the Indian government to IIT\u003c/strong\u003e\u003c/h3\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eThe Indian government has given a grant of Rs. 242 crore to the Indian Institute of Technology in Madras to study lab-created diamonds. The production of \u003ca href=\"https://www.growndiamondcorp.com/blog/types-of-lab-grown-diamonds/\"\u003elab diamonds\u003c/a\u003e locally will increase domestic manufacturing and lessen reliance on imports as demand for them rises in India. The government has approved the investment, which would be made over five years. Developments in 5G and 6G, magnetometry, thermal management, sensors, and quantum technologies will all benefit from research on lab-grown diamonds.\u003cstrong\u003e \u003c/strong\u003e\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch4 dir=\"ltr\"\u003e\u003cstrong\u003eEfforts to create an ecosystem for lab-made diamonds\u003c/strong\u003e\u003c/h4\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eThe allocation of grants to\u003cstrong\u003e IIT Madras\u003c/strong\u003e intends to establish a \u003ca href=\"https://www.growndiamondcorp.com/blog/why-are-lab-created-diamonds-called-eco-friendly-diamonds/\"\u003elab-grown diamond production\u003c/a\u003e environment. Due to their similar and uniform features to natural diamonds, lab diamonds are a rapidly expanding market. The diamonds are gaining consumer acceptance all over the world for prices that are 50\u0026ndash;60% less than those of natural diamonds.\u003cstrong\u003e \u003c/strong\u003e\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch4 dir=\"ltr\"\u003e\u003cstrong\u003eRemoval of 5% custom duty on diamond seeds\u003c/strong\u003e\u003c/h4\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eThe government has eliminated the 5% customs duty formerly applied to the seeds used to create rough \u003ca href=\"https://www.growndiamondcorp.com/blog/facts-about-lab-grown-diamonds/\"\u003elab-made diamonds\u003c/a\u003e. Nirmala Sitharaman, the finance minister, made the declaration during her address on the budget for 2023 on February 1.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch2 dir=\"ltr\"\u003e\u003cstrong\u003eTying it all together\u003c/strong\u003e\u003c/h2\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eWith all these changes in policies, initiatives, and support from the government, the \u003ca href=\"https://www.growndiamondcorp.com/blog/the-future-of-lab-created-diamond-industry-seems-shining-bright/\"\u003elab-grown diamond industry\u003c/a\u003e in India is poised for growth. Whether it is for the B2B or B2C markets, personal or industrial use, lab diamonds are shining bright!\u003cstrong\u003e \u003c/strong\u003e\u003c/p\u003e\r\n","FromDate":null,"ToDate":null,"Image_Url":"the-government-of-india-is-fostering-the-growth-of-lab-grown-diamond-ecosystems.jpg","Image_Alt":"India to emerge as the largest market for lab-grown diamonds","KeyWords":"lab grown diamonds, lab created diamonds, man made diamonds, lab grown rough diamonds, lab grown diamond industry, lab grown diamond production","MetaDescription":"Explore Indias significant role in the lab-grown diamond industry, backed by government support for sustainable growth. Learn more at our blog.","MetaTitle":"The Government Of India Is Fostering The Growth Of Lab-Grown Diamond Ecosystems","CanonicalLink":"https://www.growndiamondcorp.com/blog/the-government-of-india-is-fostering-the-growth-of-lab-grown-diamond-ecosystems/","MetaContent":"\u003c!-- Open Graph / Facebook --\u003e\r\n\u003cmeta property=\"og:type\" content=\"website\"\u003e\r\n\u003cmeta property=\"og:url\" content =\" https://www.growndiamondcorp.com/blog/the-government-of-india-is-fostering-the-growth-of-lab-grown-diamond-ecosystems/\"\u003e\r\n\u003cmeta property=\"og:title\" content=\" The Government Of India Is Fostering The Growth Of Lab-Grown Diamond Ecosystems | Grown Diamond Corporation\"\u003e\r\n\u003cmeta property=\"og:description\" content=\" Explore India\u0027s significant role in the lab-grown diamond industry, backed by government support for sustainable growth. Learn more at our blog.\"\u003e\r\n\u003cmeta property=\"og:image\" content=\" https://docs.growndiamondcorp.com/blog/the-government-of-india-is-fostering-the-growth-of-lab-grown-diamond-ecosystemsjpg.jpg\"\u003e\r\n\r\n\u003c!-- Twitter --\u003e\r\n\u003cmeta property=\"twitter:card\" content=\"summary_large_image\"\u003e\r\n\u003cmeta property=\"twitter:url\" content=\" https://www.growndiamondcorp.com/blog/the-government-of-india-is-fostering-the-growth-of-lab-grown-diamond-ecosystems/\"\u003e\r\n\u003cmeta property=\"twitter:title\" content=\" The Government Of India Is Fostering The Growth Of Lab-Grown Diamond Ecosystems | Grown Diamond Corporation\"\u003e\r\n\u003cmeta property=\"twitter:description\" content=\" Explore India\u0027s significant role in the lab-grown diamond industry, backed by government support for sustainable growth. 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