Lab-Grown Diamonds Thrive Under Self-Regulation

Commerce and Industry Minister Piyush Goyal declared no additional regulations for the lab-grown diamond industry, asserting it has prospered with self-regulation. He emphasized the effectiveness of the current system and ongoing talks with G7 nations to avoid negative impacts on the trade.

Commerce and Industry Minister Piyush Goyal dismissed the need for additional regulations on the flourishing lab-grown diamond industry, emphasizing the success of its current self-regulatory framework.

During a session in the Rajya Sabha, Goyal highlighted the international acceptance of the Kimberley Process Certificate for natural diamonds, alongside existing certification systems for both lab-grown and natural variants.

He reassured that the government maintains strategic communications with industry stakeholders and seeks to protect the industry from the traceability stipulations imposed by G7 nations through constructive dialogue and market diversification.