Finance Minister Sitharaman in her Budget 2023 speech announced a provision of research grant for indigenous diamonds.
She said that an IITian will be provided research funds for five years for developing home-grown diamonds.
"Lab-grown diamonds is a technology and innovation-driven energy-driven sector with high employment potential," the FM said.
Sitharaman's statement read, "The government will provide R&D grant to one of the IITs to encourage indigenous production of lab-grown diamonds in a bid to reduce imports."
She also added that customs duty on lab-grown diamonds would be reduced
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