{"id":87302,"date":"2023-02-01T18:10:00","date_gmt":"2023-02-01T12:40:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=87302"},"modified":"2023-02-01T18:06:51","modified_gmt":"2023-02-01T12:36:51","slug":"gj-budget-diamonds-reax","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/gj-budget-diamonds-reax\/","title":{"rendered":"Industry welcomes duty cut for lab-grown diamonds raw material"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-422987542\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>The budget proposals aimed at encouraging the production of lab-grown diamonds (LGD) including an import duty cut for the raw material will help create a self-reliant diamond industry, industry representatives said on Wednesday.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2105751852\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The budget presented by Finance Minister Nirmala Sitharaman addressed a major concern of the LGD industry regarding the 5 per cent import duty on the `seeds&#8217; used in the production, they said.<\/p><p>&#8220;The government has taken some steps towards the betterment of this completely &#8216;Atma Nirbhar&#8217; industry with a lot of export-potential. Making it indigenious to India and making sure it grows is a very important step,&#8221; said Smit Patel, convener of the LGD panel of the Gem &amp; Jewellery Export Promotion Council (GJEPC).<\/p><p>The industry generates a lot of jobs and has the potential to grow four times its current size, said Patel, director of Surat-based Greenlab Diamond.<\/p><div class=\"trade-content_5\" id=\"trade-909481637\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>&#8220;Growers of LGDs outside India did not have to pay any import duty on seeds, and it was detrimental for Indian growers to pay such a duty. Growing (diamonds) in India is important&#8230;This technology has a lot more potential in the future, so if IITs help us make the process cheaper and faster, it will be a very big boost for the industry,&#8221; he added.<\/p><p>The seeds used to grow diamonds will now be treated at par with rough diamonds which are already exempted from import duty, said Vijay Mangukiya, Regional Chairman, Gujarat, GJEPC.<\/p><p>The GJEPC had also requested the government to abolish import duties on the machinery used in the manufacturing of lab-grown diamonds, he added.<\/p><p>Surat-based diamond industry leader Dinesh Navadiya said LGD manufacturing is slowly increasing in India, and an estimated Rs 10,000 crore-worth cut and polished diamonds exported last financial year had been grown in the country.<\/p><p>&#8220;Most of the imports are from China, but Surat is becoming a hub for lab grown diamonds as well. The government&#8217;s move will give a new boost to the fledgling industry,&#8221; he said.<\/p><p>Surat in south Gujarat polishes 90 per cent of the world&#8217;s diamonds.<\/p><div class=\"trade-content-10\" id=\"trade-3604937932\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>While natural rough diamonds are the main staple for the majority of units located in the city, several units have also started polishing LGDs, Navadiya said.<\/p><p>Lab-grown diamonds are created through two processes &#8212; High Pressure High Temperature (HPHT), which is prevalent in China, and Chemical Vapor Deposition (CVD).<\/p><p>In her budget speech, Finance Minister Nirmala Sitharaman said that with the depletion of deposits of natural diamonds, the industry is moving towards LGDs and it holds huge promise.<\/p><p>She proposed to reduce basic customs duty on seeds used in their manufacture.<\/p><p>She also said that one of the Indian Institutes of Technology (IITs) will be provided a research grant for five years to encourage indigenous production of LGDs. PTI KA KRK KRK<\/p><div class=\"trade-after-content\" id=\"trade-3750152432\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>The budget proposals aimed at encouraging the production of lab-grown diamonds (LGD) including an import duty cut for the raw material will help create a self-reliant diamond industry, industry representatives said on Wednesday. The budget presented by Finance Minister Nirmala Sitharaman addressed a major concern of the LGD industry regarding the 5 per cent import [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":24110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-87302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Industry welcomes duty cut for lab-grown diamonds raw material - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"The budget proposals aimed at encouraging the production of lab-grown diamonds (LGD) including an import duty cut for the raw material will help create a self-reliant diamond industry, industry representatives said on Wednesday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/?p=87302\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industry welcomes duty cut for lab-grown diamonds raw material\" \/>\n<meta property=\"og:description\" content=\"The budget proposals aimed at encouraging the production of lab-grown diamonds (LGD) including an import duty cut for the raw material will help create a self-reliant diamond industry, industry representatives said on Wednesday.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/?p=87302\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-01T12:40:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/Specialty-Chemical-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/Specialty-Chemical-Cover-Image.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/?p=87302\",\"url\":\"https:\/\/tradebrains.in\/features\/?p=87302\",\"name\":\"Industry welcomes duty cut for lab-grown diamonds raw material - 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