Union Budget 2023 Highlights – What it means for the Lab-Grown Diamond Industry in India
In the Union Budget presented on 1st February 2023, there were some notable mentions of lab-grown diamonds. Nirmala Sitharaman, the Honourable Finance Minister, announced key developments regarding lab-grown diamonds. Take a look at how these announcements impact the lab-grown diamond industry in India.
Highlighting the environmental concern faced by mining diamonds, the Finance Minister facilitated the focus on lab-grown grown diamonds by saying ‘with the depletion in deposits of natural diamonds, the industry is moving towards Lab Grown Diamonds (LGDs) and it holds huge promise’.
Import Duty Deduction
Sitharaman also announced that in order ‘to seize this opportunity, I propose to reduce basic customs duty on seeds used in their manufacture’. This celebrated move will boost the production of lab-grown diamonds as the raw materials will be more affordable to obtain in India.
Grant to IITs
The Finance Minister also said ‘Lab-grown diamonds is a technology and innovation-driven energy-driven sector with high employment potential’. With this statement, she announced that a research grant for five years will be provided to one of the IITs to encourage the production of lab-grown diamonds.
A Change in Perception
The Finance Minister was also quoted saying ‘lab-grown diamonds are optically and chemically the same as natural diamonds’ thus cementing the fact that lab-grown diamonds are completely identical to natural diamonds.
With these most recent announcements, the perception of lab-grown diamonds continues to gain positive momentum in India. As the industry flourishes further with the support of the government, it is sure to attain new heights in the coming years.
We at Jewelbox celebrate this news along with our fraternity! Here’s to more lab-grown diamond sparkle!
