: Lab grown diamonds are used in satellites, computer chips jewellery #IndiaNEWS #Business Chennai, Feb 24 (IANS) The global market for lab grown diamonds (LGD) that the Indian government has decided

@IndiaNEWS

Posted in: #IndiaNEWS #Business

Lab grown diamonds are used in satellites, computer chips jewellery #IndiaNEWS #Business
Chennai, Feb 24 (IANS) The global market for lab grown diamonds (LGD) that the Indian government has decided to focus on is expected to rise to billion by 2025 and exceed billion by 2023 from the billion in 2020.
Besides, the jewellery industry, LGD are used in computer chips, satellites and 5G networks as they can be used in extreme environments due to their potential to operate at higher speeds while using less power than silicon-based chips.
The LGD has vast application in the field of defence, optics, jewellery, thermal and medical industry.
As the government figures, exports of cut and polished (worked) LGD from India has been growing at fast clip.
During FY21 the exports were 7. 97 million and shot up to ,348. 24 million in FY22. This fiscal FY23 the exports of LGD between April-December stood at ,387. 33 million.
Presenting the Budget 2023-24 in the Parliament recently, Indian Finance Minister Nirmala Sitharaman, said: The LGD is a technology and innovation-driven emerging sector with high employment potential.
These environment-friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years, she added.
As per a recommendation made by the Department of Commerce, the research grant of Rs 242 crore over a period of five years to Indian Institute of Technology, Madras (IIT-M) has been approved.
It is proposed to establish an India Centre for lab grown diamond (InCent-LGD) at IIT-M with the estimated cost of Rs 242. 96 crore over five years.
The aim of this project is to provide, in mission mode, technical assistance to the industries, and entrepreneurs in the country, in promoting indigenous manufacturing of both chemical vapour deposition (CVD) and high pressure and high temperature (HPHT) systems along with the recipes for expanding the LGD business at the upstream end.
Research efforts would make the technology available for start-ups at affordable cost, increase employment opportunities, increase exports of LGD, thus play a significant role in fuelling Indias economic growth.
According to the Indian government, the gems and jewellery sector plays a significant role in the Indian economy, contributing around nine per cent to Indias total merchandise export.
Over the past decade, there has been several positive developments in the gem and jewellery sector globally. One of the major technological developments in this sector has been the LGD.
Though, India is one of the leading producers of LGD using CVD technology it has to depend on other countries for the supply of critical machinery components and seeds which are the raw material for producing synthetic diamonds.

Intraday stocks under 50 NSE India Twitter of India

Vote Up Vote Down

Login to post a comment!