: IIT Madras selected for indigenous research of labgrown diamonds machinery #FinanceIndia #StockMarketNEWS IIT Madras selected for indigenous research of lab-grown diamonds machinery New Delhi, Feb

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IIT Madras selected for indigenous research of labgrown diamonds machinery #FinanceIndia #StockMarketNEWS
IIT Madras selected for indigenous research of lab-grown diamonds machinery New Delhi, Feb 23 (KNN) Central government has decided give the research project to IIT- Madras for indigenous production of lab-grown diamonds (LGD) machinery, seeds and recipe.

In Union Budget 23-24, a five-year research grant for one of the Indian Institutes of Technology (IITs) was announced.

The decision has been taken after a joint determination of its capabilities by a joint committee of Government, export promotion council and Industry representatives.

It is proposed to establish an India Centre for Lab grown Diamond (InCent-LGD) at IIT Madras with the estimated cost of Rs. 242.96 crores over 5 years.

The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 9 per cent to India’s total merchandise export. (KNN Bureau)

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