India, Sept. 13 -- Union Home Minister Amit Shah on Sunday called on Indian jewellers and businesses to take control of the entire lab-grown diamond ecosystem and build globally dominant brands, saying the market for such diamonds could expand nearly 50-fold in volume.

Speaking after presenting the 52nd India Gem & Jewellery Awards in Mumbai, Shah said India had the infrastructure, skills, capital and trading expertise needed to capitalise on the emerging opportunity.

"In terms of volume, the market for lab-grown diamonds is poised to expand to nearly 50 times the size of the current diamond market. This represents a huge opportunity," he said.

"It is my appeal to you that lab-grown diamonds' entire ecosystem should be in the control o...