In a recent Budget speech Union finance Minister announced that the Customs duty on the seeds used in lab-grown diamond manufacturing will be reduced.


About the Lab-made diamonds

  • Lab-made diamonds are developed from a carbon seed placed in a microwave chamber and superheated into a glowing plasma ball.
  • The process creates particles that crystallise into diamonds in weeks.
  • The only difference between lab-grown diamond and natural diamond is that instead of digging the earth, it is created in a lab under a machine.
  • This tech-based manufacturing directly cuts down the capital and labour-intensive factors of the mined diamond chain and so lab-grown diamonds cost 30-40 per cent cheaper than mined despite being 100 per cent diamond.
  • There are two types of lab-grown diamonds –
      • CVD and
      • HPHT
  • India particularly specialises and leads in the chemical vapour decomposition (CVD) technology that is certified as the purest type of diamonds.
  • According to the report, the Gemological Institute of America predicted the total annual sales of laboratory diamonds will be well over $100 billion in the not too distant future, from about $20 billion today.
  • This segment of the diamond is growing at an annual growth rate of 15-20 per cent.