According to data from the Gems and Jewellery Export Promotion Council (GJEPC), the export of cut and polished diamonds from Surat saw a significant growth of 11.32%, reaching Rs.11,795 crore (USD 1,403.59 million), marking a positive turnaround for the sector. This growth follows a challenging period, signalling renewed demand for India’s finely crafted diamonds.
The October 2024 growth represents a marked increase from the same period in 2023, when exports were valued at Rs.10,495 crore (USD 1,260.91 million). This 11.32% growth in dollar terms and 12.39% in rupee terms highlights the resilience of the diamond industry, especially as the global market continues to face fluctuating demand and economic uncertainty.
However, looking at the year-to-date figures, from April to October 2024, exports of cut and polished diamonds have seen a decline of 16.56% in dollar terms, amounting to USD 8,313.86 million (INR 69,558.49 crore), compared to USD 9,963.53 million (INR 82,238.07 crore) in the same period last year. Despite this, the October surge offers optimism for future growth, particularly in the lead-up to the Western holiday season, which often drives significant demand for jewellery.
Vipul Shah, Chairman of GJEPC, expressed optimism about the industry’s recovery: “October’s export growth is a welcome relief, and the 11.32% increase in cut and polished diamond exports is particularly encouraging. We anticipate that the upcoming holiday season will further boost demand for gems and jewellery, and our efforts to expand into new markets will also contribute to sustained growth.”
In addition to diamonds, other sectors of India’s gem and jewellery industry also posted positive results. Overall, total gem and jewellery exports for October 2024 amounted to USD 2,998.04 million (Rs. 25,194.41 crore), reflecting a growth of 9.18% in dollar terms and 10.23% in rupee terms compared to the same period in 2023.
Gold jewellery exports performed well, with plain and studded gold jewellery exports growing by 8.8% in dollar terms, totalling USD 1,124.52 million (Rs. 9,449.37 crore). While plain gold jewellery exports saw a slight dip, studded gold jewellery saw impressive growth, up 16.08% in dollar terms, highlighting the strong global appetite for high-value, embellished gold pieces.
Additionally, polished lab-grown diamonds recorded a modest growth of 1.27% in dollar terms, totalling USD 138.12 million (Rs. 1,160.70 crore), underscoring steady interest in sustainable and ethical alternatives in the diamond market.
The positive growth across multiple sectors suggests a promising outlook for India’s gem and jewellery exports, reinforcing the country’s position as a key player in the global jewellery trade. As the industry navigates challenges and seizes new opportunities, Surat’s diamond exports continue to shine as a beacon of resilience and growth.
