Union Budget 2023 | Reaction quotes on Lab Grown Diamonds by Kalpesh Patel, Director – Corporate Ratings, CareEdge
Manish Rajyaguru, 2 months ago 1 min read 116
“Globally annual sales of Lab Grown Diamond (LGD) jewellery are estimated at around USD 10 billion and the same is expected to reach to about US 20 billion by 2030, reflecting annual CAGR of ~10%. In similar line, export of LGD from India has reported significant jump y-o-y and during 9MFY23 overall LGD exports was ~USD 1.3 billion marking a growth of 44% over 9MFY22. Growing demand in the global market and impetus for domestic producers in the Union budget 2023 through allocation of funds for research and development and reduction in customs duty for import of seeds for manufacturing of LGD would augur well for increasing the production capacity of LGD in India and LGD exporters.