Indians should control lab-grown diamond ecosystem: Amit Shah
India's gems and jewellery trade with the world spans almost 6,000 years, Shah says
Union Home Minister Amit Shah urged Indians to take control of the lab-grown diamond industry, asserting that the nation possesses the necessary infrastructure and capabilities to thrive in this burgeoning sector. Speaking after the 52nd India Gem & Jewellery Awards in Mumbai, Shah highlighted the immense potential of the lab-grown diamond market, projecting it to grow nearly 50 times the size of the existing diamond market.
"India's gems and jewellery trade has spanned nearly 6,000 years, and our country possesses the infrastructure, capabilities, and entrepreneurial spirit to lead the way in this new era," Shah emphasized, urging the industry to ensure that the entire ecosystem of lab-grown diamond production remains firmly under Indian ownership. This includes manufacturing machinery, diamond creation, jewelry crafting, brand development, and the establishment of showrooms for Indian companies worldwide.
Shah referenced Prime Minister Narendra Modi's vision of India's global dominance by 2047, noting that the nation has progressed from being ranked among the 'Fragile Five' in 2014 to currently occupying a spot among the top five economies.
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