Goyal meets stakeholders of lab-grown diamond industry

Currently, India contributes around 15% to the global production of lab-grown diamonds

August 29, 2022 07:26 pm | Updated 07:26 pm IST - New Delhi

Union Minister for Commerce and Industry and Textiles Piyush Goyal. File

Union Minister for Commerce and Industry and Textiles Piyush Goyal. File | Photo Credit: S. Siva Saravanan

Commerce and Industry Minister Piyush Goyal on August 29 held a meeting with stakeholders of the lab-grown diamond industry and discussed ways to boost the sector.

"The sector holds immense potential to further bolster our diamond industry, enabling India to consolidate its stature as the diamond manufacturing hub of the world," Mr. Goyal said in a tweet.

Currently, India contributes around 15% to the global production of lab-grown diamonds.

Lab-grown diamonds are grown inside a lab using modern technology. It is chemically, physically and optically the same as natural diamonds.

It can be created by two processes — High-Pressure High Temperature, which is used in China, and Chemical Vapor Deposition, used in the U.S. and India.

Besides the jewellery industry, lab-grown diamonds are also used in computer chips, satellites, and 5G networks as they can be used in extreme environments as it has the potential to operate at higher speeds while using less power than silicon-based chips.

India exports polished lab-grown diamonds to the U.S., Hong Kong, UAE, Israel and Belgium. The U.S. accounts for around 67% of India's exports followed by Hong Kong with a 14% share.

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