Latest News | GJEPC Kicks-off First Lab Grown Diamond Buyer Seller Meet in Surat

Mumbai, Apr 5 (PTI) The Gem and Jewellery Export Promotion Council (GJEPC) on Wednesday started the first-ever lab-grown diamond buyer seller meet in Surat, Gujarat.

The meet is expected to see the participation from 22 exhibitors from 13 different countries.

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"Over the past 5 years, the LGD (Lab-grown Diamond) sector in India has grown significantly, with exports growing from USD 131 million in 2016-17 to USD 1.5 billion in April 2022 to February 2023," GJEPC Chairman Vipul Shah said in a statement.

The government's decision to abolish import duty on LGD seeds is helping to boost production and exports of LGDs from India and the sector is expected to contribute 10 per cent to the country's total gem and jewellery exports by 2025, Shah added.

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The three-day meet aims to provide a platform for buyers and sellers to interact directly, negotiate deals and develop long-lasting business relationships.

"Over the past 8 years, India has advanced from the 11th to the 5th largest economy in the world, surpassing Britain. This remarkable growth has been aided by the significant contribution of the gem and jewellery industry to the economy, which is expected to continue playing a crucial role in the future, particularly with the development in the LGD sector," Virendra Singh, ITS, Development Commissioner and Additional Director General of Foreign Trade, said.

In the Union Budget for the current fiscal, Finance Minister Nirmala Sitharaman announced a grant of Rs 243 crore to IIT Madras.

GJEPC Vice Chairman Kirit Bhansali said, "This funding will support research on LGDs over a period of five years, which in turn will facilitate the development of indigenous manufacturing machinery for LGDs. As a result, the sector is expected to create thousands of additional job opportunities."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)