Editor’s Note
This article examines the diplomatic gift of a lab-grown diamond from Prime Minister Narendra Modi to the U.S. First Lady, highlighting its significant declared value and unique origin.
Prime Minister Narendra Modi visited the United States in June 2023. During this visit, he gifted a 7.5-carat diamond to the wife of US President Joe Biden. According to the US State Department, this was the most expensive gift received by any member of the President’s family in 2023. Its value is estimated at $20,000, which is approximately 1.7 million rupees. This diamond is kept in the East Wing of the White House. Learn what is special about this diamond…
Prime Minister Narendra Modi gifted a 7.5-carat green diamond to Dr. Lady Jill Biden, the wife of US President Joe Biden, in June 2023. This diamond was created in a laboratory. It is climate-friendly because new energy was used in its creation. Lab-grown diamonds are created in laboratories. They also look like real natural diamonds.
Natural diamonds are formed over millions of years through processes within the Earth’s mantle. They are extracted through mining. On the other hand, lab-grown diamonds are created in laboratories. They also look like real diamonds. The chemical composition of both is similar. However, diamonds created in labs are ready in one to four weeks. They are also sold with certificates.
A one-carat natural diamond costs around 400,000 rupees. Meanwhile, a lab-created diamond of the same caratage can be obtained for 100,000 to 150,000 rupees. Due to being cheaper, the demand for lab-grown diamonds is rapidly increasing in the country and worldwide. A lab-created diamond will also come with the same color, same cut, same design, and a certificate.
Natural diamond is made of carbon. It is formed over millions of years under immense pressure and very high temperatures deep within the earth. In the lab, artificial diamonds are created using high pressure and high temperature. This requires a carbon seed. It is placed in a microwave chamber and developed. By heating it to a high temperature, a glowing plasma ball is created. In this process, particles are formed that turn into diamonds after a few weeks. Then they are cut and polished like natural diamonds.
In foreign countries, the resale value of lab-created diamonds is up to 60-70% because demand there is higher. However, in India, its demand is not very high yet. But experts say that when demand comes in the country, its market will grow and the resale value will also increase. The share of lab-grown diamonds in the diamonds being sold in the market is around 30 percent.
It is difficult to differentiate between natural and lab-created diamonds. The only difference is that lab-grown diamonds do not contain nitrogen, while natural diamonds contain nitrogen. When buying a lab-grown diamond, one should take a GIA certificate so that you can get quality and resale value.