Lab Grown Diamond:
Prime Minister Narendra Modi gifted a 7.5-carat lab-grown diamond to U.S. First Lady Jill Biden during his state visit.
- The diamond was manufactured in a Surat factory in Gujarat, using a process that replicates the formation of natural diamonds beneath the earth’s surface.
- India is a leading player in growing lab-grown diamonds, with exports reaching over $1.67 billion.
- Lab-grown diamonds offer a more affordable alternative to natural diamonds and are considered eco-friendly.
- They are around 20% cheaper than their naturally-formed equivalent
- India is the largest producer of lab-grown diamonds through CVD technology and contributes to nearly 25% of global LGD production.
- Overall, India accounts for 5% of the global production of LGD