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ESG and Blockchain : Shaping the future of Lab Grown sector
from LGD Times
LGDs : Advantage India
India’s Gems & Jewellery Industry is today valued at about Rs 6 lakh crores with Rs 3 lakh crore of exports and another Rs 3 lakh crores worth of domestic market. The industry employs close to 10 lakh people as diamond manufacturers, exporters, jewellery manufacturers, traders, brokers, and retailers.
The emerging and fastest growing segment within such a large industry is the “Lab Grown Diamond (LGD)” segment. These LGD are identical in every respect to the naturally mined diamond and is optically, thermally, chemically, and physically the same as a mined diamond. India is taking the leadership position in growing these LGDs, especially the CVD diamonds. The Indian government is also supporting the growth of this LGD industry in line with “Atmanirbhar Bharat”. These LGD diamonds are not only grown in India but also after cutting & Polishing of the rough; these LGDs are being exported all over the world, and in the FY 21-22, the total exports were over USD 1.3 billion, i.e. close to Rs 10000 crore, and the current rate of growth for exports is 105%. This not only brings in precious foreign currency for the country but also saves millions of dollars for the import of mined rough diamonds.
The LDG growers, manufacturers, traders, and jewellers, have formed a “Lab Grown Diamond & Jewellery Promotion Council ‘’ (LGDJPC) in Mumbai. The council’s vision is to create awareness of Lab-grown diamonds, generate sales and drive the growth of LGD globally. This is likely to generate significant employment opportunities in Maharashtra & Gujarat, being the hub of the Gems & Jewellery industry. Fast growing LGD industry is also an opportunity to generate revenues for the state.
Heera Zhaveraat, the Niche publication of the international diamond trade industry published in India since 1994, has come forward to bring a dedicated and exceptional news magazine Lab-Grown Diamond Times as the voice of this industry. It will help in uplifting and development of the industry in years to come. Analysts are of the view that in 2025, India will become a Lab-grown hub not just in manufacturing but also the cutting and polishing sector. Veteran industry analyst Anil Prabhakar, came forward to make this magazine informative, insightful and appealing. I hope you will like and appreciate. We are grateful to all those who have supported us directly and indirectly. We hope and request your continued support and patronage to serve you better. We look forward to receiving your feedback.
