New Delhi: Indian Institute of Technology (IIT), Madras has announced that it will receive funding of INR 242 crores for research and development of Lab Grown Diamonds (LGDs). The announcement was made by institute officials on February 02, 2023.
As per IIT Madras, promoting the indigenisation of LGD production process is the primary goal of the research. To manage the LGD research that will be developed in the IIT Madras Research Park and laboratories, the centre also plans to hire more personnel.
Talking about the importance of lab grown diamonds, Finance Minister Nirmala Sitharaman stated, "The LGD is a technology and innovation-driven rising business with great employment generation," when delivering the Budget 2023–24 on February 01, 2023.
"The optical and chemical characteristics of these eco-friendly diamonds are identical to those of natural diamonds. An IIT will receive a five-year research and development funding to promote domestic manufacturing of LGD seeds and equipment and lessen reliance on imports,” added the finance minister.
The statement added that the research funding for IIT Madras of INR 242 crores across five years has now been accepted according to a recommendation from the Department of Commerce.
Referring to the research initiative, IIT Madras Director, Prof. V. Kamakoti said, “Considering that diamonds offer superior electrical and thermal qualities to modern technologies like silicon, silicon carbide, and gallium nitride.
“Now is the ideal time to establish a diamond plant in IndiaII -Madras will work to produce diamond wafers suited for electrical applications, " he further added.
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