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Former CEO and now chairman emeritus of Rosy Blue Alliance, Dilip Mehta, has announced a new venture into synthetic diamonds, partnering with his sons to launch a business in Surat. Mehta is just the latest of many diamond veterans to test the synthetic-diamond waters. Speaking to the Times of India, Mehta made clear that the venture was fully independent of Rosy Blue. “This one is our own venture and nothing to do with Rosy Blue,” he is quoted as saying.

“We have done a lot of research and work in the last 12 months and now the time has come to put it into practice.” Mehta told the newspaper that the new company will manufacture 25,000 carats of diamonds and will import rough synthetic manufactured in China via Hong Kong. “Our target market will be India along with the U.S. and Dubai,” he said. “Gradually, we will be expanding our manufacturing capacity. Many diamond companies are already into lab-grown business, but they have not come out officially. In [the] next couple of [years], you will see lot many companies in this lucrative field.”

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