Budget 2023: IIT Madras to get Rs 242 cr for research on lab grown diamonds

In what may be a gamechanger in the diamond sector, the Indian Institute of Technology Madras (IIT Madras) will be provided a grant of Rs 242 crore over a period of five years to undertake research on Lab Grown Diamonds (LGD). This research will be focused on driving indigenization of the LGD manufacturing process.

“Lab grown Diamonds (LGD) is a technology and innovation-driven emerging sector with high employment potential. These environment-friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development