India should lead global lab-grown diamond market, says Amit Shah

India should aim to become a global leader in lab-grown diamonds as the market is expected to expand nearly 50-fold, Union Home Minister Amit Shah said at the India Gems and Jewellery Awards in Mumbai.Shah said India now has the infrastructure and technology required to build a competitive lab-grown diamond industry and that the government is ready to provide policy support to help the sector expand.“India should be able to lead lab-grown diamond in the world,” Shah said, adding that the government was prepared to provide all necessary support and policies for the industry.He also highlighted the government’s plans to strengthen India’s traditional gems and jewellery ecosystem. Shah said ₹50,000 crore would be invested in the India Jewellery Park, while a gems bourse is being developed in Jaipur.The Indian jewellery industry, valued at about ₹2.54 lakh crore, provides employment to around 75 lakh people, Shah said.Shah said the gems and jewellery sector has remained important to India’s economic growth and drew a broader comparison with the country’s economic position over the past decade.India has moved from being part of the so-called “Fragile Five” economies in 2014 to what Shah described as the “Famous Five” in 2026, he said.The government is now focused on creating the infrastructure, technology and policy environment needed for the gems and jewellery industry to expand further, with lab-grown diamonds emerging as a major area of opportunity.

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