GJEPC outlines growth potential of lab grown diamonds to Commerce Minister Piyush Goyal
The Gem and Jewellery Export Promotion Council attended a meeting on lab grown diamonds chaired by Union Commerce Minister Piyush Goyal and promoted growth opportunities in the sector.
A group of GJEPC officials, including chairman Colin Shah, attended the government meeting and Shah gave a presentation on the status of the lab grown diamond industry, the current market scenario, and the potential for growth, the GJEPC reported on its website. Shah’s presentation included a proposal to add the development of lab grown diamond machines to the production-linked incentives scheme, which Goyal agreed to.
“Lab-grown diamonds have the potential to build and sustain a stronger and more self-reliant domestic cutting and polishing industry,” said Shah about the meeting, the GJEPC reported on its website. “The industry thanks the Honourable Commerce Minister Piyush Goyal for hearing the industry’s proposal to include lab-grown diamonds under the production-linked incentives scheme and for believing that the LGD industry has the potential to employ 1 million people to process 150 million carats of lab-grown diamonds and achieve an export turnover of Rs 40,000 crore in the near future. The introduction of an LGD tracking system will help GJEPC to monitor the supply chain and maintain consumer confidence in lab-grown diamonds.”
The meeting also included discussions on expanding research and development in the sector and setting up a Mega Common Facility Centre in Gujarat. The GJEPC also suggested rolling out on-the-job training to increase skilled manpower capacity.
India currently contributes around 15% of the world’s lab grown diamonds, according to the GJEPC. Exports in the sector reached $1.3 billion in the 2022 financial year and the GJEPC is confident this will continue to shoot up with adequate government support.
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