GJEPC organised a webinar on the “Potential of Lab-Grown Diamonds” on 17th December to provide a brief understanding of the LGD ecosystem, shed light on the challenges, risks and potential for growth, emphasise its contribution to the Indian economy, and elaborate on the capacity, acceptance, demand & supply.
The session was moderated by Mayank Bajaj, Banking Consultant for the GJEPC, and the panellists were Sanket Patel, Partner, Diabon LLP; Pooja Sheth, MD & Founder, Limelight Diamonds; Parag Agrawal, Director, Fiona Diamonds; and Ranvir Singh, DGM, SBI.
The following key aspects were discussed:
Brief Idea About Lab-Grown Diamonds
Raw material required for growing, various methods of growing, and importance of technology and R&D.
A Comparison With Natural Diamonds
Quality, manufacturing process, business cycle, pricing.
Discussion On Risks Associated With Lab-Grown Diamonds
Price volatility, technology.
Outlook On Global And Domestic Demand
Acceptance from consumers, demand post the pandemic, classification as a luxury commodity or investment.
Risk Involved With Finance
Importance of steady supply of goods, technology, research & development and volatility in pricing.
Significance To The Indian Economy
Role as an import substitute for natural rough diamonds, foreign exchange earner, generation of employment, and opportunity for attracting foreign investments.
Discussion On Incentives To Improve Productivity
Policy on monitoring the growing process, tax holidays for the diamond-growing business, and capital incentives.