Budget 2023: IIT Madras to receive INR 242 cr grant for undertaking research on lab grown diamonds

Lab grown Diamonds (LGD) is a technology and innovation-driven emerging sector with high employment potential. These environment-friendly diamonds have optically and chemically the same properties as natural diamonds.

Presenting the Budget 2023 on February 1, 2023, Finance Minister Nirmala Sitharaman said, “Lab grown Diamonds (LGD) is a technology and innovation-driven emerging sector with high employment potential. These environment-friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years.” 

Research grant of INR 242 crore approved for a period of 5 years

As per a recommendation made by Department of Commerce, the research grant of INR 242 crore over a period of five years to IIT Madras has been approved. Thanking the Finance Minister, Prof V Kamakoti, Director, IIT Madras, said, “This is indeed the right time to set up a diamond factory in India, given that diamonds have thermal and electrical properties making it superior to contemporary technologies like silicon, silicon carbide and gallium nitride. IIT Madras will work towards producing diamond wafers suitable for electronic applications. It is a historic moment for IIT Madras for being selected for implementation of such an important project, output of which will be a crucial component of Atmanirbhar Bharat.” 

The research grants will go towards various departments and research groups of the institute that are involved in this field. IIT Madras has a rich history of undertaking cutting-edge and translational research with significant applications in industry and society. 

Prof MS Ramachandra Rao, Department of Physics, IIT Madras, who will be the Principal Investigator for this initiative, said, “The India Centre for Lab Grown Diamonds (InCent-LGD) at IIT Madras was identified for this prestigious project based on our nearly two decades of work experience in diamond research wherein we have developed many technologies for industry, space and defence sectors. We are honoured to contribute to the initiatives of the Government of India to boost research and development efforts in diamond growth to make India #1 country in producing good quality diamond crystals.” 
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