Good news for the lab-grown industry in India, as the Indian government announced an immediate abolition of the 5% import levy on the graphite seeds used to create LGDs, IDEX Online reports.
In her annual Union Budget speech, Finance Minister Nirmala Sitharaman said: “Lab-grown diamonds (LGD) is a technology and innovation-driven emerging sector with high employment potential. With the depletion in deposits of natural diamonds, the industry is moving towards lab-grown diamonds and it holds huge promise.” She then announced a five-year research and development grant aimed at helping India produce its own diamond seeds, thus becoming less reliant on imports.
Currently, India produces around15% of the world’s lab grown diamonds. In August 2022, the State Bank of India (SBI) said it would provide loans for manufacturers to buy the machinery needed to produce lab grown diamonds.
