Employment In Lab Grown Diamond
Lab-grown Diamond History and Facts:-
When lab-grown diamonds were not invented, natural diamonds were very famous around the globe. Everyone has a fan of the sparkle of Natural Diamonds. But, in the 1950s, General Electric Company created their first lab-created diamond. From here, the scenario of the diamond industry has changed.
Many Diamond experts were told that Lab-grown diamonds are not a form of Natural Diamond. Because lab diamonds cannot sparkle like Natural Diamond. But, in contrast, a Lab diamond sparkles with brilliance and scintillation.
We accept that Lab Diamonds are made in machines or chambers known as Laboratories. But, that’s not concluded that lab diamonds are not natural diamonds. For example, the gemological institute of america said lab-grown diamonds are another type of diamond.
Will the lab-grown diamond industry give employment as Natural Diamonds?
Yes, the lab-grown diamond industry will give employment as Natural Diamonds. Lab-grown Diamonds are the source of 2.5 lakhs of employment in the cutting and polishing process at Surat. This is because93% of workers are ready to work for Lab-grown Diamond ahead of Natural Diamond rough shortage. After all, Lab Diamonds are types of Natural Diamond. That's why Lab-grown Diamond is called a “Source Of Employment.” The reason behind the employment capability of the lab-grown diamond industry is skill. If the worker has the skill to craft a rough diamond into a special diamond, then the lab-grown diamond industry warmly welcomes him. The first thing We have to clarify one thing. Lab Diamonds are grown in the laboratory, while Natural Diamonds are found in the mines. But, both types of diamonds have the exact cutting and polishing process. There’s no difference.
You know that Russia and Ukraine have suffered from Severe Wars. In addition, the United States of America is the major buyer of Natural Diamonds. But, Russia-Ukraine War surges the spark between the United States of America. So, the US banned all the Natural Diamond Rough from Alrosa Mine, Russia.
Image Source:- The Economist
As a result, the banned decision from the United States directly impacted the Natural Diamond Industry, especially in Surat, Gujarat. Surat’s Natural Diamonds are worldwide famous. But due to the rough Natural Diamond shortage, the business is constantly declining. So, Natural Diamond manufacturers have terminated the diamond workers from employment.
While the other side, lab-grown diamond has held the diamond market from their brilliant appearance. In addition, we must say that 25% of natural diamond manufacturers have turned their businesses into lab-grown diamonds. The problem is that diamond workers have special knowledge in the diamond industry, so they can’t do other jobs except for Diamond related.
What is the future of lab-grown diamonds?
If you want to know more about Lab-grown Diamond's future, then you should see the below numbers of the Lab-grown Diamond exports from INDIA. Then, you can understand why lab-grown diamonds are essential for the Indian Economy to boost after the Covid-19 pandemic.
In Financial Year 2021-’22, lab-grown Diamond has a 108.27% increment in exports than 2020-’21 financial year, respectively from INDIA. Lab-grown Diamonds have adopted increments from last year’s demand every year.
In addition, GJEPC’s chairman stated that “Lab-grown diamond has urged the 40,000 crores of business in forthcoming 5-7 years.” Also, the Lab-grown diamond industry has the potential to give 10 Lakhs employment every 3-4 years.
Image Source:- Gems & Jewellery Export Promotion Council
GJEPC’s chairman asked Union Cabinet Commerce & Trade Minister Hon. Piyush Goyal to add Lab-grown Diamond in the employment sector and give some relaxation in tax liability to provide include more unorganized sector’s worker into Lab-grown Diamond industry. In addition, Hon. Piyush Goyal said they discussed this matter with the cabinet and solved it quickly. As a result, the Union Cabinet Of INDIA accepts the PIL and tax redemption for the lab-grown diamond industry in august-'22.
INDIA's polished lab-grown diamond has crossed the $1.3 billion export consignments than last year's $636.25 million value of consignments.
Finally, We said that the lab-grown diamond industry had won the emerging industry award in the forthcoming 4-4.5 years. Also, lab diamonds are made from an eco-friendly process. That’s why lab diamond attracts the customer’s affection. Therefore, lab-grown Diamond is known as “Eco-friendly Diamonds.”
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