In the Budget 2023, Finance Minister Nirmala Sitharaman mentioned lab-grown diamonds. She said that the custom duty on seeds that are used to make lab-grown diamonds will be reduced.
She also mentioned that it is a tech-driven emerging sector with high-employment potential and said that IIT will be given a research and development grant for five years.
As the name suggests, lab-grown diamonds are created in a lab. These diamonds are made with detailed technology and are as authentic as real diamonds. However, they don't have durability like real diamonds and they are made from the diamond stimulants like white sapphire, YAG, or Moissanite.
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