Back to feeds

𝗜𝗻𝗱𝗶𝗮'𝘀 𝗱𝗶𝗮𝗺𝗼𝗻𝗱 𝗺𝗮𝗿𝗸𝗲𝘁 :💍 India processes 90% of the world’s diamonds by volume and contributes over 75% of the global polished diamond exports. Surat is the world’s largest diamond cutting and polishing hub, handling over 80% of India’s diamond processing, with nearly 5,000 diamond units employing over 1 million workers. India imports 80-85% of its rough diamonds, primarily from Russia (30%), Africa (25%), and Canada (20%). The country’s diamond exports were valued at $22.5 billion in 2023, with major buyers being the USA (40%), UAE (25%), Hong Kong (15%), and Belgium (10%). Leading Indian diamond companies include Kiran Gems ($1.5 billion revenue), Rosy Blue ($1.3 billion), and Shree Ramkrishna Exports ($1.2 billion). GJEPC regulates trade, BIS ensures quality, and RBI oversees foreign trade policies, supporting a $40 billion gem and jewelry industry. The lab-grown diamond market in India is growing at 15-20% annually, driven by affordability and sustainability. The industry is adopting AI and blockchain, with over 60% of major Indian diamond firms integrating digital tracking systems. Online diamond jewelry sales are rising, with a 25% annual growth rate, as more consumers prefer ethical, conflict-free diamonds. India’s reliance on imported rough diamonds makes it vulnerable to price fluctuations and supply chain disruptions. Global diamond demand is expected to grow at 3-4% annually, but competition from China and Botswana is increasing. GST (3%) and import duties (7.5%) impact pricing and profitability, adding to operational costs. Growth is expected in lab-grown diamonds ($1 billion market by 2030), e-commerce (15% market share by 2025), and sustainable sourcing. Government incentives, including tax benefits and export support, aim to boost the industry’s global position. Follow vishakha Jangir for more such business insights.