No New Regs: India's Lab-Grown Diamond Industry Shines

Commerce Minister Piyush Goyal dismissed the need for more regulations in the lab-grown diamond sector, highlighting its success under self-regulation. While international certification exists, India focuses on strengthening self-regulation and research. A new gem hub in Mumbai and efforts to ease export hurdles with G7 nations are underway.

Commerce and Industry Minister Piyush Goyal emphatically ruled out further regulations for India's thriving lab-grown diamond industry on Friday, asserting its progress within an existing self-regulatory framework.

During a session in the Rajya Sabha, Goyal emphasized that the Kimberley Process Certification remains a trusted method for natural diamond traceability globally, with distinct certifications utilized for lab-grown varieties.

He revealed that India is investing in technological advancements for lab-grown diamonds, including a significant research project at IIT Madras, and announced plans for a new gem and jewellery center in Mumbai, slated to exceed the size of the Surat facility.