Facing declining demand for polished diamonds, diamond cutting businesses in Surat are pivoting towards gold jewelry manufacturing, tapping into rising consumer interest both domestically and internationally.
Vipul Shah, Chairman of the Gem & Jewellery Export Promotion Council (GJEPC), explained the shift:
“The units have gradually started doing job work in jewellery manufacturing. With increasing demand for jewelry globally, they are leveraging this opportunity while also keeping their workforce engaged.”
Approximately 10% of Surat’s 5,000 diamond processing units have diversified into jewelry production, according to industry estimates. This transition comes at a time when polished diamond exports have plummeted by 19% from April to November, based on GJEPC statistics. Meanwhile, exports of studded gold jewelry surged over 14%, and plain gold jewelry exports grew nearly 2.5%.
This strategic diversification allows Surat’s units to mitigate losses in the diamond sector by capitalizing on the growing demand for gold jewelry. The move highlights the resilience and adaptability of Surat’s renowned gem industry amid evolving market dynamics.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
