Surat, Feb 1 (KNN) Diamond businesses in Surat are upbeat about the fund allocation to IITs for Research and Development (R&D) for producing machines to manufacture lab grown diamonds.

Speaking exclusively with KNN India, Ashish Gujarati, Immediate Past President of Southern Gujarat Chamber of Commerce and Industry (SGCCI) said that this initiative will boost up the production of lab grown diamonds in Surat.

“Also the reduction in the custom duty on seeds of last grown diamonds will help in increasing the exports of lab grown diamonds,” he added.

Gujarati who also serves as the President at The Pandesara Weavers co-op society Ltd ., told KNN India that capital expenditure of Rs 10.5 crore will boost the domestic industry.

He highlighted that the 8.25 per cent custom duty will be implemented on all types of High speed weaving machines imported from any country from 1 April, 2023.

The South Gujarat based entrepreneurs also stressed on how the allocation for green energy will boost up the sustainability factor.

“Emphasis on skill development of youth will increase the skill among young population and ultimately increase the productivity,” he opined.  (KNN Bureau)