India Step in Lab Grown Diamonds (LGD) Technology
Lab grown diamond (LGD) technology is an emerging innovation sector with high global market demand and employment potential.
What do you think about the diamond’s high price? Don’t worry because this technology makes diamond prices much cheaper than natural diamonds without compromising their quality.
These eco-friendly diamonds are not only opted for jewellery purposes, but they are being used in satellites, computer chips, and 5G networks due to their capability of usage in extreme environmental conditions. They can be operated at higher with less power consumption than existing silicon chips.
Therefore, its global market in 2020 rose from $1 billion to $15 billion in 2023 and is expected to increase by $5 billion by 2025.
India is the leading producer of LGD in Asia by using chemical vapour deposition (CVD) technology. Still, its production relies on the import of LGD machinery and ‘seeds’, the raw material for producing these diamonds.
To enhance quality LGD production without import dependency, a research grant of Rs 242 crore has been issued to construct the India Centre for lab grown Diamonds (InCent-LGD) at the Indian Institute of Technology, Madras (IIT-M) in five years.
It is the right time to stand out in LGD global market. That will encourage other startups to invest in this cost-effective technology and benefit the nation by increasing synthetic diamond export and employment opportunities.