Dev Labtech Venture, a lab grown diamond manufacturer, is planning to invest ₹102 crore for capacity expansion of eco-friendly lab grown diamonds.

The diamonds manufactured in the plant will have a wide range of applications in semi-conductor plates (electrical, mechanical, thermal and optical), cutting tools blades and laser machines.

The expansion will provide further employment opportunities for over 500 people. The company has signed an agreement with the Gujarat government during the recent Vibrant Gujarat Summit.

Besides the incentives under Make In India Mission, the government has provided R&D grants and reduced import duties on seeds to encourage the industry.

Also read: Lab-grown diamonds growth likely to be manifold in 2024 amidst the natural diamonds price drop

The company is planning to increase the production capacity by setting up fully automatic machines with MPCVD (Microwave plasma assisted chemical vapor deposition) with Plasma technology for lab grown diamonds.

The company is planning to focus on export markets, including the developed market.

At 1.30 p.m., the stock of the company advanced ₹2.27 or 2 per cent to ₹116 on BSE.