Madras, 3rd February 2023: To conduct research on lab-grown diamonds, the Indian Institute of Technology Madras (IIT Madras) will be given a grant worth Rs. 242 crores over five years (LGD). The indigenization of the LGD manufacturing process will be the main topic of the study.
During her budget speech on February 1, Finance Minister Nirmala Sitharaman said, “Lab-grown diamonds (LGD) is an emerging industry with high employment potential that is driven by technology and innovation. The optical and chemical characteristics of these eco-friendly diamonds are identical to those of natural diamonds. A research and development fund will be given to one of the IITs for five years to stimulate domestic production of LGD seeds and machinery and lessen reliance on imports.”
The Department of Commerce recommended that the research funding for IIT Madras, worth Rs. 242 crores over five years, be accepted.
The director of IIT Madras, Prof. V. Kamakoti, congratulated Sitharaman for choosing IIT Madras to carry out such a significant initiative, the results of which will be an essential part of Atmanirbhar Bharat.
According to Kamakoti, IIT Madras will work to produce diamond wafers suitable for electronic applications. Diamonds have superior thermal and electrical properties to modern technologies like silicon, silicon carbide, and gallium nitride, now is the perfect time to establish a diamond factory in India.