Significant fall in prices, eroding consumer interest and competition with imports are some of the major challenges being faced by the domestic lab-grown diamond industry, think tank GTRI said on Sunday.
It also said that while India faces the issue of production overcapacity, it continues to import lab-grown diamonds in large amounts and this issue needs deeper investigation.
To address these challenges, the government needs to take certain steps such as setting clear and consistent rules to standardize quality, certification, and market practices; issuing a Quality Control Order to check quality of imports; and investment in research and development to improve production processes, reduce costs, and enhance the quality of lab-grown diamonds.
The Global Trade Research Initiative (GTRI) said that India's lab-grown diamond industry is facing a major challenge, with prices falling by 65 per cent in the past year, from Rs 60,000 to Rs 20,000 per carat due to local overproduction and ..
