Joined: Sun Oct 16, 2005 12:22 pm Posts: 21602 Location: San Francisco
John Jeffay for IDEX wrote:
India cuts and polishes the vast majority of the world's diamonds. But without its own mines, it's never been able to capture the full cycle of production - until now. The increasing popularity of lab growns, and the apparent enthusiasm of India's government to promote their domestic manufacture, is changing that. Finance minister Nirmala Sitharaman scrapped a five per cent import tax on the seeds from which diamonds are grown in her annual budget last week.She also announced a grant to fund five years of research and development to help India produce its own diamond seeds and become less reliant on imports.
For the same reason the US government and India are supporting grown diamonds. It is part of a global commercial war.
Explain, please.
India and USA have the most to win from LGDs. Those two countries governments are supporting the man-made diamond business aggressively. Why? Having no mines means they can reduce the cost of imports, increase exports and grow their manufacturing industries. Win win win! The Indian government says it is “working aggressively to develop growing and manufacture to employ 1 million people and export $5.14bn in the near future". The government has removed taxes on electricity and runs the most greenwashed carbon credit system in the world. They have dropped tariffs and taxes on imported seeds for CVD growing. The government hates the fact that some natural rough diamond importers round robin the same natural diamonds importing and exported multiple times in scams. The rough is supposedly cut and polished and exported to earn subsidies and bulk up businesses for large loans. The loans are diverted to buying property and shares, not more rough diamonds. I can also explain more on the USA government supporting grown diamond industries with a different approach. Some of these stories I discovered while gathering material for a book.
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