India Moves Forward with Policies to Bolster Local LGD Manufacturing and Research

EconomyMarket Analysis

The Indian Minister of Commerce and Industry in her Unioin Budget speech this week proposed certain budget allotments and new policies for the 23/24 fiscal year which made several provisions for the diamond sector in India who have recently suffered setbacks due to decreased exports and global market instabilities.

The GJEPC has been instrumental in advocating several recommendations since the last few months from the reinstitution of the Diamond Imprest License, to the abolition of stamp duties for Lab Grown Diamond imports.
In a formal note the GJEPC thanked the Indian Government for accepting its recommendation to promote indigenous manufacturing in the emerging Lab-Grown Diamond (LGD) sector by providing Research Grants to IIT for 5 years.

The GJEPC also welcomed the reduction of Customs Duty on LGD seeds to zero from 5%. “It will ensure India’s end-to-end world leadership in rough to finished lab-grown diamond and jewelry manufacturing,” the trade union said in a statement. 

Photo Credit: GJEPC