Diamonds made in laboratories, using cutting-edge technology, closely match natural diamonds in terms of their physical properties, chemical structure, and optical characteristics. To encourage domestic manufacturing, Nirmala Sitharaman suggested introducing lower import duties on seed materials used in lab-grown diamond production in a recent budget speech.

Sure, here’s a paraphrased version of the provided text: India, widely recognized for its proficiency in cutting and polishing natural diamonds, is adjusting to the growing popularity of Lab Grown Diamonds (LGDs) as a result of depleting natural diamond resources. Finance Minister Nirmala Sitharaman recognized the potential in the LGD sector and announced a decrease in the basic customs duty on seeds used in their production. Furthermore, to advance research in lab-grown diamond production, a five-year research grant was allocated to Indian Institutes of Technology (IITs).

– Lab-grown diamonds, cultivated in controlled lab settings, possess similar qualities as natural diamonds, observable only under microscopic examination. – The process of creating lab-grown diamonds usually takes 15 to 30 days. – Surat, a city in Gujarat, India, houses over 400 factories dedicated to producing lab-grown diamonds. – These lab-grown diamonds are more accessible, with prices ranging from 40 to 70 percent lower than traditional diamonds.

Diamonds are produced by subjecting carbon seeds to extreme temperatures in a microwave chamber, turning them into glowing plasma spheres. This process leads to the formation of diamond crystals. Two principal methods are employed: chemical vapor deposition (CVD) and high pressure, high temperature (HPHT). India is renowned for its expertise in CVD, which produces diamonds known for their utmost purity.

Lab-grown diamonds exhibit unique properties that make them suitable for various industries. – These diamonds offer enhanced performance in challenging environments. – Their exceptional thermal conductivity enables efficient operation at high temperatures. – They have low electrical resistivity, resulting in faster data transmission and reduced energy consumption. – Lab-grown diamonds find applications in fields such as computer electronics, satellite technology, and 5G networks, contributing to advancements in high-speed computing and communication.

In the period of April to July 2022, exports of polished lab-grown diamonds from India saw a significant increase of 70%, reaching $622.7 million. This growth was stimulated by the decision to reduce import duties on raw materials used in producing lab-grown diamonds. This move was well-received by industry stakeholders, creating a positive sentiment and expectations of increased domestic production and market dominance.

Industry experts applauded the government’s support for the lab-grown diamond (LGD) sector, acknowledging its growth potential. The exemption of customs duty on LGD seeds is expected to boost the sector’s market share from 1 to 2 percent to a projected 5 percent, creating a parallel market alongside natural diamonds. Additionally, the research grant to IITs will promote innovation in LGD production. While the overall budget impact on the gems and jewelry industry is mixed, the potential of LGDs for exports and job creation is recognized.

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