New Delhi, Feb. 8 -- In a significant policy stance that underscores India's growing prominence in the synthetic diamond market, Commerce Minister Piyush Goyal has dismissed calls for additional oversight of the lab-grown diamond industry, emphasising the sector's success under its current self-regulatory framework.

Speaking before the Rajya Sabha during Question Hour, Goyal highlighted how the industry has flourished with minimal government intervention.

"The sectors where we've given free rein have consistently shown the strongest growth," he noted, adding that introducing new regulations would likely hinder rather than help the industry's development.

The minister's comments come at a time when India's lab-grown diamond sector has e...