Mumbai (Maharashtra): Union Home Minister Amit Shah on Sunday called upon the gems and jewellery sector to ensure that the entire ecosystem and manufacturing chain of lab-grown diamonds (LGDs)-ranging from machinery production to setting up retail showrooms worldwide-remain firmly under Indian control.
Addressing the 52nd India Gems and Jewellery Awards Ceremony in Mumbai, the Home Minister asserted that unlike during the colonial period when India lagged in modernising its trade, the country today has all the necessary resources to command the entire supply chain globally.
“When the global jewellery trade was modernising, we were under colonial rule. Many nations, even smaller ones, surged ahead of us. But now, as the era of lab-grown diamonds dawns, we possess the infrastructure, the capabilities, the capital, and, most importantly, entrepreneurs like you. I urge all of you to ensure that the entire ecosystem and manufacturing chain of lab-grown diamonds remain firmly in Indian hands, whether it involves manufacturing machinery, producing the diamonds themselves, crafting jewellery, developing brands, or opening showrooms for Indian companies in cities across the globe,” Shah said.
Emphasising the colossal commercial opportunity ahead, the Home Minister advised industry players not to be discouraged by price variations and instead focus on capturing massive volume demand.
“Times are changing, and the nature of trade is evolving too. The era of lab-grown diamonds is upon us, and I urge you not to focus merely on the price point. In terms of volume, the market for lab-grown diamonds is poised to expand to nearly 50 times the size of the current diamond market-fifty times! This represents a monumental opportunity,” Shah added.
Announcing institutional backing for the sector, Shah revealed that both the Union government and key state governments are actively formulating dedicated policies to catalyse domestic growth.
“The Government of India has also initiated efforts, and some of our enterprising businesspeople in both Surat and Mumbai have already made a start. The governments of Gujarat and Maharashtra are formulating policies, and the Government of India will introduce a policy as well. You should move forward with the vision and ambition of securing India’s dominance over the entire value chain-from manufacturing the machinery to the moment the finished jewellery reaches the customer in the showroom,” the Home Minister said.
Lauding the gems and jewellery community for its philanthropic contributions and corporate social responsibility, Shah commended the sector for standing by the country during crises.
“The gems and jewellery industry has never looked back when it comes to advancing and supporting society. In my experience, whether dealing with droughts, floods, or cyclones; undertaking initiatives such as water conservation and tree plantation; or ensuring top-tier education for the children of artisans and employees, you have consistently worked to uplift society. For this, I wish to extend my heartfelt appreciation to the industry,” Shah added.
