Colin Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), has said he sees growth potential for India’s lab-grown diamond (LGD) industry.
In a presentation at a meeting with Commerce Minister Piyush Goyal on May 17, 2022, Mr Shah said: “Lab-grown diamonds have the potential to build and sustain a stronger and more self-reliant domestic cutting and polishing industry.
“The industry thanks the Hon’ble Commerce Minister Piyush Goyal for hearing its proposal to include lab-grown diamonds under the production-linked incentives (PLI) scheme and for believing that the LGD industry has the potential to employ 1 million people to process 150 million carats of lab-grown diamonds and achieve an export turnover of Rs. 40,000 crore in the near future.
“The introduction of an LGD tracking system will help GJEPC to monitor the supply chain and maintain consumer confidence in lab-grown diamonds.”