Surat Diamond Exports Shine with 11.32% Growth

Surat : There is some good news for the Surat diamond industry with the cut and polished diamond export witnessing an export growth of 11.32% at Rs 11,795 crore in the month of October. 

According to the data released by the Gems and Jewellery Export Promotion Council (GJEPC), the cut & polished diamonds led the recovery in October 2024, with overall gross exports reaching USD 1,403.59 million (Rs. 11,795.83 crores), marking a growth of 11.32% in dollar terms and 12.39% in rupee terms compared to USD 1,260.91 million (Rs.10,495.06 crores) in October 2023. This growth highlights a renewed demand for India’s finely crafted diamonds, re-establishing the industry’s foothold after previous months of decline.

However, for the period April 2024 to October 2024, Cut & Polished Diamonds exports totaled USD 8,313.86 million (INR 69,558.49 crores), reflecting a decline of 16.56% in dollar terms and 15.42% in rupee terms compared to USD 9,963.53 million (Rs. 82,238.07 crores) during the same period last year.

Commenting on the growth in exports, Vipul Shah, Chairman, GJEPC, said, “This is a welcome relief for our industry, as we’ve experienced export growth of 9.18% in October. Notably, the export of cut and polished grew 11.32% compared to October 2023. We are optimistic that this trend will continue, especially with the approaching holiday season in the West, which will likely drive further demand for gems and jewellery. Furthermore, the GJEPC is making concerted efforts to expand into new markets while strengthening demand in existing ones.”

Shah further added, “With President Donald Trump’s election, we are optimistic about his promise to stabilize the geopolitical landscape and strengthen the US economy, which we believe will support a revival in trade, business, and supply chains, ultimately boosting global demand for gems and jewellery.”

India’s gem and jewellery exports made strides in October 2024, marking a turning point with positive growth in multiple product categories, notably cut and polished diamonds, gold Jewellery (plain & studded), and polished lab-grown diamonds. In October 2024, the overall gross exports of gems and jewellery reached USD 2,998.04 million (Rs. 25,194.41 crores), marking a growth of 9.18% in dollar terms and 10.23% in rupee terms, compared to USD 2,746.09 million (Rs. 22,857.16 crores) in October 2023. This increase underscores the industry’s resilience amid challenging global market conditions.

Gold Jewellery (Plain & Studded) exports also performed well in October 2024, achieving an 8.8% growth in dollar terms and a 9.83% increase in rupee terms, with exports valued at USD 1,124.52 million (Rs. 9,449.37 crores), up from USD 1,033.61 million (Rs. 8,603.33 crores) in October 2023. This growth underscores strong demand for Indian gold jewellery in global markets.

In October 2024, Plain Gold Jewellery saw a slight dip, with exports marginally down by 0.64% in dollar terms and showing a minimal increase of 0.3% in rupee terms, totaling USD 447.45 million (Rs. 3,759.92 crores) compared to USD 450.35 million (Rs. 3,748.52 crores) in October 2023.

The total export of Studded Gold Jewellery in October 2024 reached USD 677.07 million (Rs. 5,689.45 crores), showing a growth of 16.08% in dollar terms and 17.19% in rupee terms compared to USD 583.26 million (Rs. 4,854.81 crores) in October 2023. This growth highlights the strong demand for studded gold jewellery in global markets.

The provisional gross export of Polished Lab-Grown Diamonds for the period October 2024 totaled USD 138.12 million (Rs. 1,160.70 crores), showing a growth of 1.27% in dollar terms and 2.25% in rupee terms compared to USD 136.38 million (Rs. 1,135.16 crores) in October 2023.