Editor’s Note
This Q&A clarifies that the Indian Centre for Lab-Grown Diamonds (IN-SCENT-LGD) will be established at IIT Madras in February 2023.
Question and Answer
Question: In February 2023, at which Indian Institute of Technology (IIT) will the Indian Centre for Lab-Grown Diamonds (IN-SCENT-LGD) be established?
(a) IIT Ahmedabad
(b) IIT Ropar
(c) IIT Madras
(d) IIT Kharagpur
Answer: (c)
Related Facts
- Beyond the jewelry industry, lab-grown diamonds (LGDs) are used in computer chips, satellites, and 5G networks.
- Lab-grown diamonds (LGDs) have wide-ranging applications in defense, jewelry, thermal, and medical industries, among others.
- The gems and jewelry sector contributes approximately 9% to India’s total merchandise exports.
- Globally, the market for lab-grown diamond jewelry was valued at $1 billion in 2020. It is expected to grow rapidly, reaching $5 billion by 2025 and exceeding $15 billion by 2035.
- Lab-grown diamonds are produced using two main technologies: High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD).
- India is one of the leading producers of lab-grown diamonds globally, primarily using CVD technology.
- According to industry estimates, India’s share in the global trade was 25.8% in the financial year 2021-22.
