Highlights

  • Finance Minister, Nirmala Sitharaman mentioned lab-grown diamonds in Budget 2023
  • Custom duty on seeds that are used to make lab-grown diamonds will be reduced
  • These diamonds are made in labs

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Budget 2023: Know what are lab-grown diamonds that the FM mentioned in this year's budget

Know all about lab-grown diamonds that Finance Minister, Nirmala Sitharaman mentioned in Budget 2023.

Budget 2023: Know what are lab-grown diamonds that the FM mentioned in this year's budget

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.

What are lab-grown diamonds?

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.

Also Read: Budget 2023: switching to new tax regime not necessary, says FM; elaborates on personal I-T changes

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