Union Home Minister Amit Shah on Sunday said India should take the lead in the lab-grown diamond industry and retain control of the entire ecosystem, backed by the country's infrastructure and capabilities.
Speaking at the 52nd India Gem & Jewellery Awards in Mumbai on Sunday, Shah said the lab-grown diamond market could expand nearly 50 times in volume, creating a significant opportunity for Indian manufacturers and jewellery businesses.
“India should emerge as a founder member and founder industry in the lab-grown diamond business, while Indian brands should become global brands,” Shah said, urging the industry to ensure the sector remains firmly rooted in India.
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Shah said India has the industrial capacity, skilled workforce and financial resources needed to become a major player in the global lab-grown diamond market. He cited Surat and Mumbai as examples of cities that have built strong positions in the international diamond trade.
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The Centre will introduce a policy for the lab-grown diamond sector, while Gujarat and Maharashtra are also working on policy measures, Shah said. The government will provide support as the industry navigates changing global trade conditions.
India's gems and jewellery exports stood at Rs 2.44 lakh crore in 2025, accounting for 6.3 per cent of merchandise exports, according to Shah. The sector provides direct and indirect employment to nearly 75 lakh people.
Shah said Surat handles around 90 per cent of the world's diamond-cutting business, while more than 90 per cent of cut and polished diamonds are processed in India.
He also highlighted India's free trade agreements with markets including the European Union, UAE, Australia, Oman and the UK, saying these could help boost jewellery exports.
Shah said tax incentives for rough diamond trading companies and businesses in special notified zones, along with projects such as the Bharat Ratnam mega common facility centre and India Jewellery Park, would further support the sector.
The India Jewellery Park is expected to attract Rs 50,000 crore in investment and create nearly one lakh direct and indirect jobs, he said.
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Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde were also present at the event.
(With inputs from PTI)
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