Tuesday, June 4, 2024
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Indian Commerce Minister Reiterates Support for Lab-Grown Diamonds, Asserts Equivalence to Natural Diamonds

India’s Commerce Minister, Piyush Goyal, reaffirmed the government’s commitment to the production of lab-grown diamonds and emphasized their equivalence to natural diamonds during a recent address in Jaipur. The remarks came ahead of two days of G20 trade and investment meetings.

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During a press conference, Goyal announced that lab-grown diamonds would be accorded the same treatment as mined diamonds in free trade agreement discussions with other nations. He shared, “I want to share with you some good news. India is playing a significant role in the lab-grown diamond sector. A global consensus has been reached that lab-grown diamonds are not artificial or synthetic diamonds; they are deemed equivalent to natural diamonds.”

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In February, Goyal’s ministry granted approval for an investment of nearly $30 million over the next five years to establish and financially support a center dedicated to the development of lab-grown diamonds. This move follows the elimination of a five percent import levy previously imposed on the graphite seeds crucial for the creation of lab-grown diamonds.

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