Campaign success for lab-created diamond supporters




In a significant win for a developing industry, the Indian Government has abolished the import tax on crucial materials used in the production of lab-created diamonds.

As part of the chemical vapour deposition (CVD) method for manufacturing lab-created diamonds, a sliver of rough known as the ‘seed’ is placed in a chamber and heated to a high temperature, mimicking the natural process within which diamonds are created.

In India, importers were once forced to pay a 5 per cent tax on the import of these seeds; however, that tax has been removed after a recent campaign led by the Gem and Jewellery Export Promotion Council (GJEPC).

“Lab-created diamonds is a technology and innovation driven emerging sector with high employment potential,” India’s finance minister Nirmala Sitharaman said in a statement.

“These are environment-friendly diamonds which have optically and chemically the same properties as natural diamonds.”

The GJEPC also requested the easing of import tax on polished diamonds from 5 per cent to 2.5 per cent; however, that request was not granted.

“Research grants for five years will encourage indigenous manufacturing here. It will also ensure India’s end-to-end global leadership in rough-to-finished lab-created diamond and jewellery manufacturing,” GJEPC chairman Vipul Shah said.

India accounts for approximately 15 per cent of the global production of lab-created diamonds.

More reading
Campaign continues to bolster India’s lab-created diamond industry
Major step forward for lab-created diamonds
New trade agreement between Australia and India
Familiar face amongst new leadership GJEPC

 





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