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Report: State Bank of India to Begin Lending to Lab-Grown Producers
The loans will go mostly to the import of machinery rather than working capital, according to a recent article from The Economic Times.
New York—The State Bank of India (SBI) will start lending money to lab-grown diamond producers, according to a recent news report out of India.
The Economic Times wrote in an Aug. 10 story that SBI, India’s largest bank, has become the first Indian lender to come up with a formal policy to fund the growers.
An anonymous SBI source told the news site that the loans would come with certain conditions, such as mostly funding the import of machinery rather than supplying working capital.
But the bank is studying pricing in the sector, according to the report, before it fully enters the sphere.
The State Bank of India could not be reached for comment or confirmation before press time.
The move comes just months after the country’s Gem & Jewellery Export Promotion Council (GJEPC) asked the government for help promoting the lab-grown diamond sector, which it believes “[has] the potential to build and sustain a stronger and more self-reliant domestic cutting and polishing industry,” Chairman Shri Colin Shah said during a May meeting.
According to GJEPC, India accounts for about 15 percent of the global production of lab-grown diamonds.
It noted India’s exports of polished lab-grown diamonds more than doubled to $1.3 billion from April 2021 to March 2022, compared with $636.25 million in FY 2020-21.
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