Surat : Leading up to the 10th Vibrant Gujarat Global Summit in January 2024, the Gujarat government will host a dedicated seminar on the state's thriving Gems & Jewellery sector in Surat on December 12th. This event aims to create awareness and foster dialogue around key aspects like strategy, vision, action plans, technological advancements, and Gujarat's contribution to the industry's global growth.
Gujarat's Diamond Expertise:
- Over 450 organized jewelery manufacturers, importers, and exporters are based in Gujarat.
- Major diamond clusters have emerged in Surat, Ahmedabad, and Rajkot.
- Surat, the "Silk City Sparkling with Diamonds," processes 8 out of 10 diamonds globally, contributing 80% to India's total diamond exports.
- 90% of Gujarat's diamonds are processed in and around Surat, creating over 9 lakh jobs.
Supporting Infrastructure:
- To meet growing industry demands, the Gujarat government established the Diamond Research and Mercantile (DREAM) City, encompassing the Surat Diamond Bourse (SDB), slated to become the second largest diamond trading center globally.
- The Indian Diamond Institute (IDI), specializing in diamond production and manufacturing, emphasizes education and skill development, having trained over 32,000 students.
- Recognizing industry shifts, the government proactively promotes the Lab-Grown Diamond (LGD) sector through R&D and skill development initiatives.
Future Trends:
- Large retailers and brands are expected to drive sector growth, guiding market trends.
- Easing of gold import restrictions and price stabilization are expected to boost jewelers' volume growth.
- Lab-grown diamonds hold significant potential, with applications beyond 5G technologies and extending to medical procedures.
National Significance:
- The Gems & Jewellery sector holds a significant position in India's economy, contributing 7% to GDP and 15% to total merchandise exports.
- The diamond industry employs over 4.5 million workers, making it a crucial source of employment.
- Recognized as a key export promotion sector, India has established itself as a global diamond hub, currently exporting 75% of the world's polished diamonds (fiscal year 2022-23 value: US$37.73 billion).
- The recent FTA with the UAE is expected to further enhance exports, aiming for a target of US$52 billion.
- Gujarat plays a vital role, processing 72% of the world's diamonds.
The upcoming seminar in Surat presents a valuable opportunity to discuss the future of the Gems & Jewellery sector, leveraging Gujarat's expertise and fostering innovation for continued growth and success.
