Budget 2023: What are Lab Grown Diamonds (LGD) mentioned by
Nirmala Sitaraman FM India , Here’s What You need to know!
 |
| Lab grown diamonds : New Impulse |
The Context
On 1st February, our Finance Minister Nirmala Sitaraman came up with the 550 million dollar budget for India where we found the special mention of the curious lab grown diamonds, let us see in this article what does that mean. As per the report, the IITs to receive the charge for research on lab grown diamonds to cater the demands of the precious stones in Indian market. The IITs are to receive a ₹242 cr grant for research on the same.
What are Lab Grown Diamonds exactly?
Sounds interesting right? You may have heard of lab grown
microbes or even lab grown meat and plants, but “lab grown diamonds” something new. Let’s look into it then!
Lab grown diamonds are the ones that are created in laboratories for over a month unlike the natural diamonds which are mined from earth, created over billions of years from natural forces and phenomenon. A fashion retailer, Kimmie Smith tells that — “ Lab-grown diamonds give you a phenomenal ring at an accessible price point”. Here, the prices are regulated and affordable for wider population.
Also, to a plus point, while naturally found diamonds gives a bluish tint due to presence of dirt, nitrogen and other minute compounds, the lab grown diamonds rather shines more and are even clearer. One needs to have high precision tools to detect the same.
.jpeg) |
| Pic: The Indian Express |
How are they Manufactured?
The manufacturing process involves two kinds, which high sophistication environment and conditions, let's have a look—
•High Pressure High Temperature method (HPHT)
• Chemical Vapour Deposition (CVD)
In HPHT method, the seed (a slide of another diamond) is placed
along with a pure graphite carbon at 1500 temp and high pressure.
In CVD, the seed is heated at temperatures around 800 Celsius
inside a sealed chamber filled with carbon rich gas.
Applications and Usage
Lab Grown Diamonds has varied usage, they are used in
machines and tools, there extra hardness
makes them suitable for cutters. Also, used in laser arrays and high power transistors. They have great propensity for ornamental purposes too.
How is it Important for India and the World?
India accounts for the largest cutting and polishing centre
for diamonds. With about 90% of the total market for cutting and polishing Industry.
Surat, Gujarat is the global bub for diamond manufacturing.
The Union Government, in a bid to improve exports and
market, has decided to cut on the custom duty on the seeds used in
manufacturing of lab grown diamonds. India contributes 19% of world’s diamonds
export. UAE is also one of our potential export partners accounting for over
75% .
Some environmental factors are also included. While the naturally occurring diamonds are obtained after strenuous toil, cutting the earth horizontally, it is a serious concern for nature and demands much energy loss. On the other hand, "lab grown diamonds" can be made with minimal energy compared to tha former and puts less pressure on environment too.
Lab grown diamonds are much harder than earth mined ones and also has high thermal capacity which makes them a suitable option for a wide variety of usage. They are cheaper as one carat of earth mind diamonds can cost 5lakhs while for the latter it ranges from 1-2 lakhs.
Key Takeaway
The Indian Government's decision to lower the custom duty on the seeds for lab grown diamonds is a positive step towards the growth and upward push to the diamond industry. This move will surely benefit the industrial needs and consumer demands. Lowering duties would attact FDI and FPI, leading to capital influx and a bubbling spot for businesses.
Follow - Thoughts Out
Connect us to -
Check out our posts and leave your views below!
©ThoughtsOut, Keeps You Updated!
Like, Share, Subscribe
Great Share !
ReplyDeleteThank you so much! Your views means a lot. Follow us for more updates.
DeleteThoughtsOut, Keeps you updated!