BSE-SME-listed Dev Labtech Ventures Ltd signed an agreement with Government of India in Gujarat Vibrant Summit 2024 in presence of Prime Minister Narendra Modi in January 2024 at Gandhinagar. It has plans to invest Rs 102 crore for expansion in manufacturing of eco-friendly lab grown diamonds having a wide range of applications in semiconductors plates (electrical, mechanical, thermal and optical), cutting tools blades and laser machines.
This expansion also provides further employment opportunities for more than 500 people. Lab grown diamonds industry has been given lots of incentives and promotion from the government under Make in India Mission and further in Budget, with intention to encourage the production of eco-friendly lab grown diamonds via R & D grant, reduction of Import duties on seeds, the company said.
