Overview
- Union Home Minister Amit Shah told the India Gem & Jewellery Awards in Mumbai on Sunday that India must keep the full lab-grown diamond ecosystem—machinery, production, jewellery making, branding and showrooms—under Indian control.
- The government is framing the shift to lab-grown stones as a huge market opportunity, with officials saying volumes could expand roughly 50 times the current market size.
- The Taxation and Other Laws (Amendment) Act, 2026 already offers a 15-year income-tax exemption for qualifying rough-diamond trading in special notified zones to encourage onshore trading and processing.
- Central and state governments will roll out sector policies and incentives while public facilities such as the Bharat Ratnam mega centre and the proposed India Jewellery Park are presented as tools to scale manufacturing and brand building.
- India already cuts and polishes the vast majority of the world's diamonds and had Rs 2.44 lakh crore in gems and jewellery exports in 2025, which the government says gives the country the skills, jobs and export base to capture more of the lab-grown value chain.