<p>India is leading the quest towards creation of greener supply chain by producing diamonds in labs. The country has recorded six-fold rise in the exports of lab-grown expensive gems in past three years, in what is about a $22 billion market across the world.&nbsp;</p>

<p>Lab-grown diamonds (LGD) witnessed a remarkable rise during the last three years and accounted for 7.5 per cent&nbsp;of the total polished diamond exports from India in the first nine months of FY2023, up from 1 per cent&nbsp;in FY2019, according to rating agency ICRA.&nbsp;</p>

<p>India has made sustained efforts to boost the production of lab-grown diamonds. Notably, Nirmala Sitharaman, the finance minister of world's fifth largest economy, during her annual budget speech this year, announced India's Prime Minister Narendra Modi-led government's intent in this direction.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/report-diamond-tycoon-jatin-mehta-moves-uk-court-to-unfreeze-assets-worldwide-after-fraud-claims-526895">Report: Diamond tycoon Jatin Mehta moves UK court to unfreeze assets worldwide after fraud charges</a></strong></p>

<p>Sitharaman announced the reduction in customs duty on the seeds used in lab-grown diamond manufacturing. She also announced a grant to the Indian Institutes of Technology (IITs) to facilitate the growth of lab-grown diamonds in India. Following the announcements, a research grant of ₹242 crore over five years to IIT Madras was approved based on &nbsp;experience in diamond research by the institution, having developed many technologies for industry, space and defence sectors.&nbsp;</p>

<p><strong>ALSO WATCH |&nbsp;Koh-i-noor diamond a 'symbol of conquest' in new display of Crown Jewels</strong></p>

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<p>"India is keen to move away from the contrived controversies by vested interests surrounding the naturally mined diamonds and create a market where the product could be matched with the mined diamonds and offered at a much lower rate," Shantanu Ray, author of 'Diamond Trail: How India Rose To Global Domination', wrote in an article published April 1, 2023.</p>

<h2><strong>What are Lab-grown diamonds?</strong></h2>

<p>Lab-grown diamonds are produced using specific technology which mimics the geological processes that grow natural diamonds. It is a process called Chemical Vapour Deposition (CVD) that involves putting a diamond seed in a sealed chamber filled with carbon-rich gas and heating to around 800C. The gas sticks on the seed, building up a diamond atom by atom.&nbsp;</p>

<p>India accounts for 15 per cent of the global lab-grown diamonds production , official records say. The country produces about 3 million lab-grown diamonds each year. &nbsp;The country houses 90 per cent of the world’s diamond cutting and polishing units, making it the largest exporter of diamonds.</p>

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India is leading the quest towards creation of greener supply chain by producing diamonds in labs. The country has recorded six-fold rise in the exports of lab-grown expensive gems in past three years, in what is about a $22 billion market across the world.

India is leading the quest towards creation of greener supply chain by producing diamonds in labs. The country has recorded six-fold rise in the exports of lab-grown expensive gems in past three years, in what is about a $22 billion market across the world. Lab-grown diamonds (LGD) witnessed a remarkable rise during the last three years and accounted for 7.5 per cent of the total polished diamond exports from India in the first nine months of FY2023, up from 1 per cent in FY2019, according to rating agency ICRA. India has made sustained efforts to boost the production of lab-grown diamonds. Notably, Nirmala Sitharaman, the finance minister of world's fifth largest economy, during her annual budget speech this year, announced India's Prime Minister Narendra Modi-led government's intent in this direction. ALSO READ | Report: Diamond tycoon Jatin Mehta moves UK court to unfreeze assets worldwide after fraud charges Sitharaman announced the reduction in customs duty on the seeds used in lab-grown diamond manufacturing. She also announced a grant to the Indian Institutes of Technology (IITs) to facilitate the growth of lab-grown diamonds in India. Following the announcements, a research grant of ₹242 crore over five years to IIT Madras was approved based on experience in diamond research by the institution, having developed many technologies for industry, space and defence sectors. ALSO WATCH | Koh-i-noor diamond a 'symbol of conquest' in new display of Crown Jewels × "India is keen to move away from the contrived controversies by vested interests surrounding the naturally mined diamonds and create a market where the product could be matched with the mined diamonds and offered at a much lower rate," Shantanu Ray, author of 'Diamond Trail: How India Rose To Global Domination', wrote in an article published April 1, 2023. What are Lab-grown diamonds? Lab-grown diamonds are produced using specific technology which mimics the geological processes that grow natural diamonds. It is a process called Chemical Vapour Deposition (CVD) that involves putting a diamond seed in a sealed chamber filled with carbon-rich gas and heating to around 800C. The gas sticks on the seed, building up a diamond atom by atom. India accounts for 15 per cent of the global lab-grown diamonds production , official records say. The country produces about 3 million lab-grown diamonds each year. The country houses 90 per cent of the world’s diamond cutting and polishing units, making it the largest exporter of diamonds. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India shines with record exports of lab-grown diamonds

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India shines with record exports of lab-grown diamonds