Agreement signed at Gujarat vibrant Summit 2024 to invest INR 1020 million for Expansion in Lab grown Diamonds manufacturing facility – DEV LABTECH VENTURES LTD

MUMBAI, JANUARY, 2024:Bhavnagar based BSE SME listed company Dev Labtech Ventures Ltd has signed agreement with Government of India in Gujarat Vibrant Summit 2024 in presence of our Hon. Prime Minister Narendra Modi in January, 2024 at Gandhinagar. It has plans to invest INR 1020 millions for expansion in Manufacturing of Eco friendly Lab grown diamonds having wide range of applications in Semi-Conductors Plates (Electrical, Mechanical, Thermal and Optical), cutting tools blades and lazer machines. This expansion also provides further employment opportunities for more then 500 peoples.

Lab grown diamonds industry has given as lots incentives and promotion from Government under Make in India Mission and further in Budget intention to encourage the production of eco friendly lab grown diamonds via R & D grant, reduction of Import duties on Seeds.Our is only company in Lab grown diamonds category who signed such Agreement.

With ambitious business plan to increase the production capacity by setting up of fully automatic Machines- MPCVD with Plasma technology for lab grown diamonds. It has also focus on exports and cater to developed market. Company get listed on 29/3/2023 on BSE SME and IPO closed on 21th March, 2023.The issue price was Rs. 51 per shares