Union Home Minister Amit Shah on Sunday said Indians should control the lab-grown diamond ecosystem, adding the country possesses necessary infrastructure and capabilities.
“In terms of volume, the market for lab-grown diamonds is poised to expand to nearly 50 times the size of the current diamond market. This represents a huge opportunity,” Shah said, speaking after presenting the 52nd India Gem & Jewellery Awards in Mumbai.
“As the era of lab-grown diamonds dawns, we possess the infrastructure, capabilities, capital, and, most importantly, entrepreneurs like you,” he said.
Shah asked the industry to ensure that the entire ecosystem and manufacturing chain of lab-grown diamonds remain firmly in Indian hands, whether it involves manufacturing machinery, producing the diamonds, crafting jewellery, developing brands, or opening showrooms for Indian companies across the globe.
India’s gems and jewellery trade with the world spans almost 6,000 years, Shah said.
Prime Minister Narendra Modi has made people feel confident that India will be ahead of all other countries in all the spheres on August 15, 2047, Shah said.
“In 2014, India was rated among the ‘Fragile Five’, but today it is ranked among the top five,” he said.