August 24, 2023
1 min read

‘India to include lab-grown diamond in FTA talks’

To encourage indigenous production of LGD seeds and machines and to reduce import dependency, the government in its 2023 Budget announced that a research and development grant will be provided to one of the IITs for five years…reports Asian Lite News

India’s Union minister Piyush Goyal on Wednesday reiterated lab-grown diamonds are the same as that natural ones and added the central government will now include those in Free Trade Agreement talks with other countries.

Minister Goyal made the remarks while speaking at a press conference in Jaipur ahead of the two-day G20 Trade and Investment Ministerial Meetings scheduled to start Thursday.

The five priority areas of the meeting are growth and prosperity to trade; resilient global value chains; integrating MSMEs in global trade; logistics for trade; and WTO reform.

“I want to share with you some good news. India is playing a big role in Lab-grown diamonds. A decision has been taken at a global level that lab-grown diamonds are not artificial diamonds, they are not synthetic diamonds, they are equivalent to natural diamonds. The United States has recognised that Lab-grown diamond are not artificial diamonds. Lab-grown diamond is like natural diamond.” Goyal said.

Lab Grown Diamonds (LGD) is a technology innovation-driven emerging sector with high employment potential. These environment-friendly diamonds which have optically and chemically the same properties as natural diamonds.

To encourage indigenous production of LGD seeds and machines and to reduce import dependency, the government in its 2023 Budget announced that a research and development grant will be provided to one of the IITs for five years.

Also, it was proposed to reduce the custom duty rate on LGD seeds from 5 per cent to nil.

Earlier in the day, Minister Piyush Goyal also held a bilateral meeting with the Director General of WTO.

“Held a bilateral meeting with Ngozi Okonjo-Iweala, Director General, WTO at Jaipur on the sidelines of G20 Trade & Investment Ministerial Meeting. India stands committed to free and fair trade by strengthening and reforming the rules-based multilateral trading system,” Goyal wrote on X, formerly Twitter. (ANI)

ALSO READ-Australian PM Anthony Albanese set to attend G20 Leaders’ Summit in India

Previous Story

Trade Secretary launches UK-India campaign on G20 visit

Next Story

Vivek Oberoi Reflects on Success, Failure, and Values in Bollywood

Latest from -Top News

The General Who Won’t Let Go

The Pakistani Army Chief is gradually bringing in people from both his family and the army into the administrative division of the country….reports Asianlite News In July this year, rumours were rife

Trump Begins Japan Leg of Asia Tour

Upon landing, his only scheduled public engagement is a courtesy visit with Japanese Emperor Naruhito at the Imperial Palace….reports Asian Lite News US President Donald Trump is scheduled to depart Malaysia shortly,

Baloch Voices Rise in Busan

The demonstration comes amid a mounting human rights crisis in Zehri following weeks of Pakistani military operations…reports Asian Lite News The Baloch National Movement (BNM) staged a protest in Busan, South Korea,
Go toTop

Don't Miss

Jaishankar’s Lanka Visit to Pave Way for Modi

Jaishankar’s visit will take stock of the progress being made

Hasina’s India visit to bolster energy, food security ties

The visit will further strengthen the multifaceted relationship between the