Budget impact: Surat is witnessing a sudden rush for setting up laboratory-grown diamond units
Synopsis
“The hike in duty will bring down imports, and manufacturing of diamonds through chemical vapour deposition (CVD) technology will increase. Already, we are seeing a lot of natural diamond players entering the segment as lab-grown diamonds are affordable and becoming popular in India as well as in global markets,” Dinesh Navadiya, regional chairman, Gem & Jewellery Export promotion Council, Gujarat said.
KOLKATA: Surat is witnessing a sudden rush for setting up laboratory-grown diamond (LGD) units, following the government’s decision to double the duty on imported cut and polished synthetic diamonds to 15% announced in the Budget on February 1.