Commerce and Industry Minister Piyush Goyal on Friday ruled out additional regulations for the lab-grown diamond industry, stating the sector has flourished under the existing self-regulatory framework.
Speaking during Question Hour in the Rajya Sabha, the minister said the Kimberley Process Certificate for natural diamonds is widely accepted in international markets.
"Wherever we have given free hand, the industry has prospered. Bringing more regulation for this is not in the interest of the industry," Goyal said.
He pointed out that the Kimberley Process provides international certification for natural diamond traceability, while separate certification systems exist for lab-grown and natural diamonds.
The minister said the government maintains regular dialogue with industry stakeholders and has permitted self-regulation, which has proven effective.
On G7 nations imposing traceability requirements, the minister said they have the right to put them in place.
"However, to ensure our industry is not affected, we are in talks with G7 nations and looking at alternative markets," he said.
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