India’s union home minister believes the country should take over the entire value chain for lab-grown diamonds, from developing machines and brands to manufacturing and global retail showrooms.
“India has the necessary infrastructure, skills, capital and capable entrepreneurs,” Amit Shah said in a speech at the 52nd India Gems and Jewellery Awards ceremony in Mumbai Sunday. “We must prepare ourselves in such a way that the entire ecosystem and the complete manufacturing value chain for lab-grown diamonds are in the hands of the Indians.”
Shah noted that the “era of lab-grown diamonds” is set to emerge, with the market expected to grow to nearly 50 times the size of the current diamond market.
“Whether it is manufacturing the machines, producing lab-grown diamonds, making jewelry, or developing Indian brands and opening showrooms in cities across the world, the entire value chain should be within our reach,” he continued.
The Indian government has already taken the initiative and will be introducing “appropriate policies” to provide the country with “ownership of the entire ecosystem,” Shah explained.
“Merely increasing the pace of work will no longer be sufficient; the scale of operations must also be transformed,” he said. “India should emerge as a pioneering industry in the new era of lab-grown diamonds, and Indian brands should become global brands, ensuring a strong presence for India and Indian jewelry traders in this global business.”
Prime Minister Narendra Modi’s government is ready to provide support for this mission, Shah added.
Image: Amit Shah at the 52nd India Gem and Jewellery Awards. (Indian Ministry of Home Affairs)
