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VAJRA INDUSTRY RESEARCH AND ACADEMIC MEET (VAIRAM) 2025 organised by GJEPC, IIT Madras inaugurated in Chennai

The Vajra Industry Research and Academic Meet (Vairam) 2025, a joint effort by GJEPC and InCent LGD IIT Madras, was officially introduced at the IITM Research Park in Chennai.

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Madras at IITM Research Park, Chennai, was unveiled by Prof. V Kamakoti, Director, IIT Madras, Prof M S Ramachandra Rao, InCent-LGD, IIT Madras, Mr. Manish Jiwani, Co-Convener, LGD Committee, GJEPC and Mr. Sabyasachi Ray, Executive Director, GJEPC among other dignitaries and industry experts.

The workshop features several panel discussions. “Beyond Gems: Next-Generation Applications of OLab-Grown Diamonds” explores LGDs’ potential in various industries beyond jewellery. “Lab-Grown Diamond Growth and Treatment Recipes and Challenges” delves into the intricacies of CVD and HPHT methods. “Diamond Quality Checks and Certification” addresses the crucial need for standardised quality control for gems, jewellery, and seeds. “Lab Grown Diamond Machines and Processing Equipment” will highlight the importance of indigenous equipment manufacturing to bolster India’s self-reliance. The workshop has drawn 150 + participants from the industry.

Key Takeaways

Diamond Quality Checks & Certification:

  • Advanced treatments challenge LGD grading and certification accuracy.
  • Key challenges: ensuring grading accuracy, standardization, and detecting undisclosed synthetics.
  • Emphasis on advanced testing methods, tech-driven grading, and industry consistency.
  • Traceability of tested items is a major issue.
  • LGDs are both supplementary and complementary to the diamond industry.
  • Mimicking natural diamond growth patterns in LGDs remains a challenge.

LGD Growth & Treatment Recipes: Key Takeaways

  • Increasing nitrogen in HPHT accelerates growth, benefiting gem-quality diamonds but not other industrial uses.
  • Focus on optimizing growth parameters, impurity control, and enhancement for superior diamonds.
  • Challenges include consistency, reducing defects, scalability, and reliance on high-purity raw materials.
  • Future focus on refining processes, improving sustainability, and enhancing research-industry collaboration.

Diamond Quality Checks & Certification (Continued): Key Takeaways

Strengthening quality assurance frameworks is essential to ensure consumer trust globally.

Grading LGDs differs from natural diamonds, especially in color; secondary reference masters needed.

Labs must assess hue saturation and intensity, not just color for LGDs.

Clarity characteristics differ due to metallic inclusions in LGDs.

Color grading challenges arise in borderline clusters where AI struggles.

LGDs are cut for perfection, unlike natural diamonds, which are cut for weight retention.

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National News

AIJGF Proposes Regulated “Bullion Bank”, Proposal Presented Directly To Union Commerce and Industry Minister

Establishes A Centralized Financial Framework To Pool, Standardise, Settle, and Lease Domestic Gold

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The Ministry of Commerce and Industry is officially reviewing a landmark proposal to establish a regulated “Bullion Bank” aimed at transforming India’s massive domestic gold reserves into an active economic asset.

The proposal was presented directly to Union Commerce and Industry Minister Piyush Goyal by a delegation from the All India Jewellers and Goldsmith Federation (AIJGF). In response, Minister Goyal has agreed to form a comprehensive consultation committee—comprising government representatives, jewellery industry stakeholders, bullion market experts, financial institutions, and market regulators—to thoroughly examine the framework.

Key Highlights of the Proposal:

  • Activating Idle Wealth: Establishes a centralised financial framework to pool, standardise, settle, and lease domestic gold, significantly reducing India’s heavy reliance on expensive foreign imports.
  • Tapping a $4 Trillion Market: Aims to mobilse the estimated 25,000 to 27,000 tonnes of gold held by Indian households, temples, and private institutions—a stockpile currently valued between $3.65 trillion and $4.3 trillion.
  • Earning Interest on Gold: Transforms physical gold from a passive, non-yielding asset into an active, interest-earning investment, eliminating traditional locker storage fees for citizens.
  • ETF Integration: Proposes allowing Gold Exchange-Traded Funds (ETFs) to lend 20–30% of their idle physical holdings back into the jewellery ecosystem under strict over-collateralised, insured, and daily marked-to-market safety protocols.

A Strategic Move for Economic Resilience

Currently, the vast majority of India’s gold wealth remains locked away and unproductive. By acting as a trusted intermediary, the proposed Bullion Bank will allow households and institutions to securely lend their gold back into the domestic jewellery ecosystem.

“This framework has the potential to permanently change how India manages its gold,” stated the AIJGF in their proposal. “By unlocking domestic reserves, we can stabilise the market, support local artisans, and strengthen the national economy.”

To ensure seamless execution and regulatory oversight, the AIJGF has also requested the creation of a dedicated inter-ministerial task force. This body would bring together the Ministry of Finance, the Ministry of Commerce, and the Ministry of Consumer Affairs to oversee the initiative’s roll-out.

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