Lab-Grown Diamond Sector To Remain Self-Regulated: Piyush Goyal

(MENAFN- KNN India) New Delhi, Feb 8 (KNN) In a significant policy stance that underscores India's growing prominence in the synthetic diamond market, Commerce Minister Piyush Goyal has dismissed calls for additional oversight of the lab-grown diamond industry, emphasising the sector's success under its current self-regulatory framework.

Speaking before the Rajya Sabha during Question Hour, Goyal highlighted how the industry has flourished with minimal government intervention.

"The sectors where we've given free rein have consistently shown the strongest growth," he noted, adding that introducing new regulations would likely hinder rather than help the industry's development.

The minister's comments come at a time when India's lab-grown diamond sector has emerged as a global powerhouse, challenging traditional diamond markets with its technological innovation and cost-effective production methods.

The industry currently operates under a self-regulatory model, with the government maintaining open channels of communication with key stakeholders.

Goyal also referenced the Kimberley Process Certificate system for natural diamonds, which continues to serve as the international standard for diamond certification.

This established framework, he suggested, provides sufficient structure for the broader diamond industry without necessitating additional regulatory layers for the lab-grown segment.

"Lab-grown diamonds have become one of India's strengths in the global market," Goyal stated, effectively endorsing the current regulatory approach that has helped position India as a leader in this emerging sector.

(KNN Bureau)

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