India to unveil policy for lab-grown diamond value chain control

India's central government is preparing a dedicated policy to expand the nation's role in the lab-grown diamond industry from production to controlling the entire value chain, Home Minister Amit Shah announced on Sunday. The policy aims to position India as a global leader by encompassing machinery manufacturing, diamond production, jewellery design, branding, and international retail. Shah made the announcement at the 52nd India Gem Jewellery Awards ceremony in Mumbai on September 13. He stated that the lab-grown diamond market could expand by nearly 50 times in volume, describing it as a major opportunity for Indian industry. "The era of lab-grown diamonds is upon us. We have both the skills and the investment," Shah said, urging companies to move beyond conventional manufacturing and polishing roles. The minister emphasized that Indian companies should ensure the entire ecosystem remains in Indian hands. "Indians should control the lab-grown diamond ecosystem," he said, highlighting the country's existing infrastructure, technical capabilities, capital, and commercial expertise. Shah noted that India already processes over 90 per cent of the world's cut and polished diamonds.