Govt approves India Centre for Lab-Grown Diamonds at IIT Madras

Commerce Ministry on Thursday approved the establishment of the India Centre for Lab-Grown Diamonds (InCent-LGD) at IIT Madras at an estimated cost of ₹242.96 crore. A five-year research grant was announced in the Budget to encourage the indigenous production of lab-grown diamonds machinery, seeds and recipe. The lab-grown diamond jewellery market is expected to rise to $5 billion by 2025.