Mumbai, Sep 13 (PTI) Union Home Minister Amit Shah on Sunday said Indians should control the entire lab-grown diamond ecosystem and build globally dominant brands, asserting the market for such diamonds could expand 50-fold in terms of volume.

India now has the infrastructure, skills, capital and traders to seize the opportunity presented by lab-grown diamonds, he said after presenting the 52nd India Gem & Jewellery Awards in Mumbai.

"In terms of volume, the market for lab-grown diamonds is poised to expand to nearly 50 times the size of the current diamond market. This represents a huge opportunity," Shah said.

"It is my appeal to you that lab-grown diamonds' entire ecosystem should be in the control of people of Bharat. It should be our jewellers who should be controlling it. You can do it. People of Surat and Mumbai have demonstrated it," he said.

Shah asked the industry to ensure the entire ecosystem and manufacturing chain of lab-grown diamonds remain firmly in Indian hands, whether it involves manufacturing machinery, producing the diamonds, crafting jewellery, developing brands, or opening showrooms for Indian companies across the globe.

The Union government will introduce a policy for the sector while the Gujarat and Maharashtra governments are also working on policies, he told the gathering.

Shah said the industry needed to move beyond conventional thinking and change its scale as the global trade environment evolved, adding that the Centre would provide all necessary support.

"India should emerge as a founder member and founder industry in the lab-grown diamond business, while Indian brands should become global brands. The world business should have our people's dominance," Shah said.

India's gems and jewellery trade with the world spans almost 6,000 years, Shah said.

Shah said the way the Bharat Diamond Bourse organised the awards reflected India's confidence, skill, wealth and global ambition, and expressed hope that Mumbai would emerge as a global gems and jewellery hub.

He said Surat had played a major role in transforming the industry, with nine out of 10 diamonds in the world being cut, made and designed in the city. The diamond-cutting business is 90 per cent concentrated in Surat, he said.

Shah said the workers in Surat had contributed to India's economy, exports and employment generation and also helped regions such as Saurashtra and Kutch deal with water scarcity.

Mumbai, the financial capital of India, had also played a major role in diamond exports, Shah said, adding that Maharashtra Chief Minister Devendra Fadnavis had promised additional FSI and better connectivity to ensure industry players did not leave the state.

Shah said India's gems and jewellery exports reached Rs 2.44 lakh crore in 2025, accounting for 6.3 per cent of the country's total merchandise exports. The sector provides direct or indirect employment to nearly 75 lakh people, he said.

India exports jewellery to the US, Europe, West Asian countries and Hong Kong, while more than 90 per cent of cut and polished diamonds are processed in the country, Shah said.

He said the free trade agreements with the EU, the UAE, Australia, Oman and the UK would help increase India's trade with these markets.

Shah also highlighted the government's measures to strengthen the industry, saying companies involved in rough diamond trading and operating in special notified zones would receive a 15-year income tax exemption under the Taxation and Other Laws (Amendment) Act, 2026.

"This is the beginning of making Bharat a hub in rough diamond trading," he said.

Shah said the Bharat Ratnam mega common facility centre, inaugurated by Prime Minister Narendra Modi, spans 1.25 lakh square feet and provides facilities for 3D printing, casting and refining.

The India Jewellery Park was expected to attract an investment of Rs 50,000 crore and generate nearly one lakh direct and indirect jobs, while the Maharashtra government had offered stamp duty waivers and affordable electricity supply, he said.

Hailing PM Modi, the Union minister said the Centre had introduced fundamental changes over the last 12 years, resulting in India moving from the "fragile five" economies in 2014 to the world's top five economies.

“In 2014, India was rated among the ‘Fragile Five’, but today it is ranked among the top five,” he said.

Referring to the latest first-quarter GDP figures, Shah said India had recorded 7.8 per cent growth and emerged as the fastest-growing economy among major countries.

Prime Minister Narendra Modi has made people feel confident that India will be ahead of all other countries in all the spheres on August 15, 2047, Shah said.

He credited the Modi government with measures in infrastructure, manufacturing and exports, including the Production Linked Incentive schemes, saying India's exports were breaking previous records.

He said Prime Minister Modi had set the goal of making India the world's number one country across sectors by 2047 and that the government was making policy changes in line with changing global conditions.

Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde were also present at the awards ceremony. PTI ND VT BNM