Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council (GJEPC), highlighted the shift, stating, “The units have gradually started doing job work in jewellery manufacturing. Jewellery is increasing both in India and abroad, and they are trying to leverage this opportunity. In this way, the units in Surat are trying to engage workers.”
Currently, about 10% of Surat’s 5,000 diamond manufacturing units have transitioned to jewellery production, a move seen as a strategic response to challenging market conditions.
According to GJEPC data, exports of polished diamonds plunged by 19% between April and November 2024. However, the silver lining lies in the growing global appetite for gold jewellery, with exports of studded gold jewellery surging by over 14% and plain gold jewellery increasing by nearly 2.5%.
Industry experts believe this diversification will help Surat’s businesses weather the downturn in the diamond trade while capitalizing on the growing demand for gold jewellery both domestically and internationally.
