India has been famous for its fondness for the seven-letter word mineral composed of carbon - Diamond. Now under the banner of made in India initiative, lab-grown diamond has gained ground.
History provides us details showing that diamond in the world was found in India in the 4th century BC. Later some of the finest quality diamonds (majority Type IIa diamonds) were produced from the historical Golconda mines during the 7th century BC.
Over time as the Indian mines depleted, India's control over the trade got restricted to its strong manufacturing capabilities wherein over 95% of the diamonds worldwide are cut & polished in India.
However, times are changing again for India. With the rising popularity of lab-grown diamonds across the world and India is the world's leading producer of Type IIa CVD diamonds - India once again is regaining its claim to fame of being the world's leading producer of the finest quality diamonds.
Thanks to the CVD (Carbon Vapor Deposition) technology that is indigenously developed and completely made in India India is now emerging as a global hub of not just manufacturing but also Diamond Production.
Bain & Co's recent Diamond Industry Report 2021 reveals that global lab-grown diamond production has crossed 7 million carats per year. Of this, India is leading the charts in CVD diamond production of almost 1.5 million carats each year, higher than overall production levels even in USA, Europe & Middle East, Russia & Singapore.
These huge production volumes have translated into rapid growth in export collections this year for India. As reported by the Gems and Jewellery Export Promotion Council, polished lab-grown diamond exports nearly doubled to INR 5,175 Crores for FY2021, compared to INR 2,985 Crores last year.
Leading the evolution of the lab-grown diamond industry in India is Mr. BakulLimbasiya, the leading technocrat to have developed the CVD diamond technology in India. Mr. Limbasiya has been instrumental in shaping the lab-grown industry in India.
(Credit to PTI published report based on a press release issued by Mumbai, Maharashtra, India NewsVoir)