Finance Minister Nirmala Sitharaman in her Union Budget speech on February 1 announced that a research grant will be provided to one of the IITs for five years to encourage the indigenous production of lab-grown diamonds.
"Lab-grown diamonds is a technology and innovation-driven energy-driven sector with high employment potential," the FM said.
"The grant provided to IIT for lab-grown diamonds is a positive. The segment has seen a steep 54 percent growth in exports on-year, and accounted for 5 percent of total diamond exports YTD23," CRISIL said in a statement.
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