Speaking at the 52nd India Gems & Jewellery Awards, Shri Amit Shah, Hon’ble Union Minister of Home Affairs and Minister of Cooperation, Government of India, highlighted the emerging opportunity in lab-grown diamonds and the potential for India to establish a strong position in the sector.
Quick Summary
- Shri Amit Shah highlighted the emerging opportunity in lab-grown diamonds at the 52nd India Gems & Jewellery Awards.
- He stated that, in terms of quantity, the lab-grown diamond market is expected to become 50 times the size of the existing diamond market.
- India has infrastructure, talent, capital and skilled entrepreneurs to participate in the sector.
- The Indian diamond industry was urged to build the entire lab-grown diamond ecosystem.
- The ecosystem can span machinery manufacturing, lab-grown diamond production, brands, showrooms and finished jewellery.
- Central and state governments are expected to provide support and favourable policies.
- Amit Shah urged the industry to focus on changing its scale and scope and building a comprehensive indigenous value chain.
The Scale of the Lab-Grown Diamond Market
Amit Shah said that the era of lab-grown diamonds is beginning and highlighted the scale of the opportunity ahead. He stated that, in terms of quantity, the market for lab-grown diamonds is expected to become 50 times the size of the existing diamond market.
India’s Infrastructure and Talent Advantage
Amit Shah emphasised that India has the infrastructure required to take advantage of this emerging opportunity. He also pointed to the availability of talent, capital and skilled entrepreneurs within the country, providing the foundation for India to build a strong lab-grown diamond ecosystem.
Building the Entire Lab-Grown Diamond Ecosystem
Amit Shah called upon the Indian diamond industry to take control of the entire lab-grown diamond ecosystem rather than limiting its role to processing. He highlighted the need to develop capabilities across the complete value chain.
From Machinery and Production to Brands and Showrooms
This includes manufacturing the machines required for lab-grown diamond production, producing lab-grown diamonds, developing brands and establishing showrooms. Amit Shah’s emphasis was on ensuring that Indian industry participates across the entire journey rather than concentrating on only one part of the process.
Government Support and Favourable Policies
Amit Shah also stated that both the Central and state governments would provide support and favourable policies to help the industry develop this opportunity. He said that India should work towards becoming a founding leader in the lab-grown diamond industry.
The Need to Change Scale and Scope
Amit Shah further urged the industry to change its scale and scope. Rather than focusing only on speed, he emphasised the importance of building a comprehensive and indigenous ecosystem covering the complete chain — beginning with the manufacture of machines and production of lab-grown diamonds and extending to the finished jewellery reaching the consumer.
Building Capabilities Across the Complete Value Chain
Through his remarks, Amit Shah called on the Indian gems and jewellery industry to look at lab-grown diamonds as a large emerging opportunity and to build capabilities across the entire ecosystem, from machinery and production to brands, showrooms and the finished jewellery piece in the consumer’s hand.
FAQs
What did Shri Amit Shah say about lab-grown diamonds?
Shri Amit Shah highlighted the emerging opportunity in lab-grown diamonds and called on India’s gems and jewellery industry to build the complete ecosystem within the country.
How large could the lab-grown diamond market become?
Amit Shah stated that, in terms of quantity, the market for lab-grown diamonds is expected to become 50 times the size of the existing diamond market.
What did Amit Shah say India needs to build?
He called for India to develop capabilities across the complete lab-grown diamond value chain, including machinery manufacturing, production, brands, showrooms and finished jewellery.
Does India have the capabilities to build a lab-grown diamond ecosystem?
According to Amit Shah, India has the required infrastructure as well as talent, capital and skilled entrepreneurs to take advantage of the emerging opportunity.
Will governments support the lab-grown diamond industry?
Amit Shah stated that both the Central and state governments would provide support and favourable policies to help the industry develop this opportunity.
What is the larger vision for India’s lab-grown diamond industry?
The vision is for India to become a founding leader in the lab-grown diamond industry by developing a comprehensive and indigenous ecosystem from machinery and production to brands, showrooms and finished jewellery.
Source: SVAR Media Network
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