Lab Grown Diamond gifted to the First Lady Jill Biden by Shri Narendra Modi

Shri Narendra Modi visited United State of America on 21st June and was welcomed by the US President Joe Biden and First Lady Jill Biden for an intimate dinner at the White House.

The word gift comes from the old Germanic root “to give”. It is referred as an act of giving, keeping this sentiment in mind Shri. Narendra Modi gifted 7.5 carats Lab Grown Diamond grown by Surat based grower Green Labs in a papier mache box as an ode to the 75 years of India’s Independence symbolising relationship between India and USA to the US First Lady Jill Biden. The gift was the perfect example of ‘ATMANIRBHAR INDIA” that is also climate conscious.

The 7.5 carat Lab Grown Diamond was grown with the environment and climatic issues in mind. It took only 60 days and uninterrupted supply of solar energy to grow it. It was made from energy sourced from 35- megawatt solar and wind power installation. The carbon emission was at 0.028 grams per carat while growing this LGD.

The LGD reflects earth-mined diamonds chemical and optical properties. The specifications of the 7.5 carat Lab Grown Diamond, belonging to Type IIa category of purity is as follows:

Size: 12.43-12.53×7.78 mm

Colour: F

Clarity: VVS2

Cut: Ideal Cut

Facets: Hearts & Arrows

Certificate: IGI

During the 2023 budget Finance Minister Ms. Nirmala Seetharaman announced a grant to IIT Madras to facilitate the growth of Lab Grown Diamonds in India. The custom duty on the seeds used in Lab grown diamond manufactured was reduced to zero from 5%.

India depends on other countries for the supply of critical machinery components and seeds. The aim of this (InCent-LGD) project is to provide, in mission mode, technical assistance to the industries and entrepreneurs in the country, in promoting indigenous manufacturing of both CVD and HPHT systems along with the recipes for expanding the LGD business at the upstream end.

The aim of this is to promote the exports of LGD’s and boost the sales around the world. The CVD method is popular in India. India and US is emerging as a major production centre for CVD. Surat, Mumbai, Ahmedabad and Jaipur are major centres growing LGD contributing to 80% market share.

Currently, the Lab Grown Diamond sale is at 15% market share and is expected to grow to $ 19.2 million by 2030.

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