India Pushes More Initiatives To Promote The Development Of Its Diamond Cultivation Industry

On February 1, India's Finance Minister, Nirmala Sitharaman, announced in the annual federal budget report that import duties for the production of crystal seeds for the cultivation of diamond blanks would be reduced from 5% to 0 the next day. The amendment is intended to reduce the cost of producing diamonds in the country.

"LGD is a technology- and innovation-driven emerging industry with high employment potential," Nirmala Sitharaman said, adding that the government will also provide a five-year special grant for research and development to encourage equipment development for seed production and diamond cultivation in India. These funds will be used at the Indian Institute of Technology (IITs), which will undertake both teaching and research tasks. In addition, the government has committed to introducing a new Harmonized System (HS) shipping code to allow consumers to clearly distinguish between natural diamonds and foster precious stones.

Vipul Shah, chairman of GJEPC, believes these initiatives may help India take the lead in fostering manufacturing in the diamond industry, from rough to finished jewelry.

 

Laboratory cultivation of gems is to simulate the natural forming environment of natural gems in the laboratory to produce gems with exactly the same composition and properties as natural gems (HPHT high temperature and pressure method). CVD technology can also be developed.