CHENNAI: The Indian Institute of Technology, Madras (IIT-M) will receive Rs.242 crore as a research grant for research and development of lab-grown diamonds (LGDs), the IIM Madras said.

The research will be focused on driving the indigenization of the -grown diamonds manufacturing process.

Finance Minister Nirmala Sitharaman said, "The LGD is a technology and innovation-driven rising sector with great employment potential," when presenting the Budget 2023–24 to the Parliament on Wednesday. "The optical and chemical characteristics of these eco-friendly diamonds are identical to those of natural diamonds. An IIT will receive a five-year research and development funding to promote local production of LGD seeds and equipment and lessen reliance on imports "Added the finance minister.

The research funding for IIT-M of Rs 242 crore over five years has been accepted, according to a recommendation from the Department of Commerce, the statement added.

"Given that diamonds offer superior thermal and electrical qualities to modern technologies like silicon, silicon carbide, and gallium nitride, now is the ideal time to establish a diamond plant in India. In order to produce diamond wafers suited for electrical applications, IIT-Madras will work "IIT-M Director Prof. V. Kamakoti said.

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