News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
Goyal chairs meeting on Lab Grown Diamonds

By TIOL News Service

NEW DELHI, MAY 18, 2022: UNION Minister for Commerce & Industry; Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal, chaired a meeting with the representatives of Lab-Grown Diamonds Industry yesterday in New Delhi. 

Discussions on promotion of Research and Development, setting up enabling common facilities and skilling of adequate manpower to serve this emerging sector took place. Currently, India contributes around 15% in global production of lab-grown diamonds for which it is presently self-sufficient. However, keeping in mind the future potential, there is a need to maintain technological self-reliance in production of machinery and a leadership position in production lab grown diamonds. Given India's expertise in diamond polishing, it is imperative that India positions itself firmly in the lab-grown diamond sector too since the process of polishing are similar. The projected employment creation could be to the tune of 25 lakh by the year 2025.

Lab-grown diamonds are diamonds which are grown inside a lab using cutting-edge technology that replicates the natural diamond growing process and the result is a man-made diamond that is chemically, physically, and optically the same as those grown beneath the Earth's surface. Lab-grown diamonds can be created by two processes - High Pressure High Temperature (HPHT) which is used in China and Chemical Vapor Deposition (CVD) which is used in USA and India.

Besides jewellery industry, lab-grown diamonds are also used in computer chips, satellites, 5G networks as they can be used in extreme environments as it has potential to operate at higher speeds while using less power than the silicon-based chips.

Like natural diamonds, India has proved its leadership role in the cutting and polishing of lab-grown diamonds. India's exports of polished lab-grown diamonds were USD 274 million, USD 473 million, USD 637 million and 1293 million during 2018-19, 2019-20, 2020-21 and 2020-21 respectively. Annual growth during the same periods were 72%, 35% and 103%. 

India exports polished Lab Grown diamonds to USA, Hongkong, UAE, Israel and Belgium etc. USA accounts for around 67% of India's exports followed by Hongkong with a share of 14%. 

B.V.R Subrahmanyam, Secretary and Mr Vipul Bansal, Joint Secretary were present in meeting. Industry was represented by Mr Colin Shah, chairman GJEPC, Mr Sabyasachi Ray, Executive Director GJEPC, Mr Samir Joshi Executive Director Indian Diamond Institute Surat, Mr Pramod Agarwal, chairman National Gem & Jewellery Council of India and other Industry representatives. 


POST YOUR COMMENTS
   

AR not Afar by SK Rahman

TIOL Tube Latest

Shri Shailendra Kumar, Trustee, TIOL Trust, giving welcome speech at TIOL Awards 2023




Shri M C Joshi, Former Chairman, CBDT




Address by Shri Buggana Rajendranath, Hon'ble Finance Minister of Andhra Pradesh at TIOL Awards 2023