New Delhi:

US First Lady and wife of President Joe Biden, Jill Biden, received gifts worth thousands of dollars in 2023, including a diamond worth $20,000 (Rs 17.15 lakh) from Prime Minister Narendra Modi during his official state visit to the US in 2023. 

The 7.5-carat green lab-grown eco-friendly diamond gifted to Jill Biden reflects the “chemical and optical properties of earth-mined diamonds”. 

The diamond, gifted to Jill Biden, was placed in a box made of paper pulp, known as kar-e-kalamdani.

According to the report released by the Office of the Chief of Protocol of the United States, Mrs Biden also received a brooch valued at $14,063 from the Ukrainian ambassador to the US and a bracelet, brooch and a $4,510 photograph album from the President and First Lady of Egypt.

The US law states that any official from the executive branch, including the President, has to declare gifts they receive from foreign leaders and counterparts that are more than $480. 

The $20,000 diamond was retained for official use in the White House East Wing, according to a State Department document, while the other gifts to the president and first lady were sent to the archives, news agency AP reported citing the report.

In 2023, Prime Minister Modi visited the US on its first-ever state visit to the country, where he was hosted by outgoing President Joe Biden and Mrs Biden. As the official gift, the Prime Minister gave a handcrafted sandalwood box to President Joe Biden.

The sandalwood box gifted to President Biden contains a silver idol of Lord Ganesha, a diya (oil lamp) and ‘Das Danam’.

The Prime Minister also gifted Joe Biden a copy of the first edition print of the book ‘The Ten Principal Upanishads’. 

PM Modi received a handmade, antique American book galley from the Bidens.

The first couple also gifted him a vintage American camera, a hardcover book of American wildlife photography and a signed, first-edition copy of ‘Collected Poems of Robert Frost.

A worker in one of the oldest and largest diamond polishing units of Surat checking its dazzle. File image for representation
| Photo Credit: Vijay Soneji

To harness the potential of Lab Grown Diamond (LGD) or synthetic diamond segment, the Union Budget 2023-24 presented by the Finance Minister Nirmala Sitharaman has laid emphasis on research & development as well as to make it competitive in the international markets.

“LGD is a technology-and innovation-driven emerging sector with high employment potential. These environment-friendly diamonds which have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years,” the FM said in the Parliament.

Also Read: Key Highlights from Union Budget 2023-24

To reduce the cost of production, the FM has proposed to reduce basic customs duty on seeds used in their manufacturing. Also she has proposed to increase customs duties on silver dore, bars and articles to align them with that on gold and platinum.

Vipul Shah, Chairman, Gem & Jewellery Export Promotion Council (GJEPC) said the FM” decision to accept their recommendation pertaining to the LGD industry would ensure India’s end-to-end world leadership in rough to finished lab-grown diamond and jewellery manufacturing.

“Another positive pro-growth move is that the conversion of physical gold into digital gold will not attract capital gains tax,” he said.

Saiyam Mehra, Chairman, Gem & Jewellery Council (GJC), the domestic council of the industry said, “The Gems & Jewellery Industry’s critical concerns are not addressed in the Union Budget 2023-24. While the Research and Development grant will be provided to one of the IITs for the development of Lab Grown Diamond seeds and machines, the other sectors of the industry have been ignored.”

“The reduction in Gold Custom Duty in this Budget was our big expectation, which has severely hampered the industry and encouraged smuggling and grey market. GJC has been actively representing the reduction in customs duty of Gold over past many years. However, the Silver Dore Bars Custom Duty has been brought at par with Gold and platinum in this budget. This move will adversely affect the masses,” he said.

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