Highlights

Finance Minister, Nirmala Sitharaman mentioned lab-grown diamonds in Budget 2023
Custom duty on seeds that are used to make lab-grown diamonds will be reduced
These diamonds are made in labs

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Budget 2023: Know what are lab-grown diamonds that the FM mentioned in this year's budget

Name: Budget 2023: Know what are lab-grown diamonds that the FM mentioned in this year's budget
Uploaded: 2023-02-02T19:38:35.000+05:30
Duration: T01M02S
Channel: Editorji News Desk
Description: Know all about lab-grown diamonds that Finance Minister, Nirmala Sitharaman mentioned in Budget 2023.

Know all about lab-grown diamonds that Finance Minister, Nirmala Sitharaman mentioned in Budget 2023.

Updated: Sep 02, 2022 10:53

Editorji News Desk

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Budget 2023: Know what are lab-grown diamonds that the FM mentioned in this year's budget

In the Budget 2023, Finance Minister Nirmala Sitharaman mentioned lab-grown diamonds. She said that the custom duty on seeds that are used to make lab-grown diamonds will be reduced.

She also mentioned that it is a tech-driven emerging sector with high-employment potential and said that IIT will be given a research and development grant for five years.

What are lab-grown diamonds?

As the name suggests, lab-grown diamonds are created in a lab. These diamonds are made with detailed technology and are as authentic as real diamonds. However, they don't have durability like real diamonds and they are made from the diamond stimulants like white sapphire, YAG, or Moissanite.

Also Read: Budget 2023: switching to new tax regime not necessary, says FM; elaborates on personal I-T changes

Frequently Asked Questions

What are lab-grown diamonds?❯

Lab-grown diamonds are diamonds created in a lab using detailed technology. They are as authentic as real diamonds, but they are made from diamond simulants like white sapphire, YAG, or Moissanite and do not have the same durability.

What did the Finance Minister announce about lab-grown diamonds in Budget 2023?❯

Will the government support R&D for lab-grown diamonds?❯

Why is the lab-grown diamond sector considered important?❯

What specific import cost is being reduced to support lab-grown diamonds?❯

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Highlights

Latest news

Budget 2023: Know what are lab-grown diamonds that the FM mentioned in this year's budget

What are lab-grown diamonds?

Frequently Asked Questions

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