The diamond industry in India employs over 1.5 million people and is a major contributor to the country’s economy. India is also a major importer of rough diamonds and is home to a large number of diamond cutting and polishing factories. These factories process diamonds from all over the world, including from major diamond-producing countries such as Russia, Canada, and South Africa. The country’s diamond industry has a long history, dating back to the 16th century when the first diamond mines were discovered in the Golconda region of southern India. Today, the diamond industry in India is highly organized and technologically advanced, with a large number of companies involved in the manufacturing, trading, and export of diamonds.
India is also known for its traditional craftsmanship and expertise in cutting and polishing diamonds, which allows it to produce high-quality diamonds at a lower cost than other major diamond centers. This has helped India to become a major player in the global diamond market, with a significant share of the world’s diamond trade passing through the country. The diamond industry in India is mainly concentrated in the city of Surat, which is home to a large number of diamond cutting and polishing factories. The city is often referred to as the “diamond capital of the world” due to its dominance in the diamond trade.
India’s diamond industry is not only limited to cutting and polishing, but also extends to diamond jewellery manufacturing. The country has a vast network of skilled artisans, who excel in creating intricate designs of diamond jewellery. Indian diamond jewellery is known for its craftsmanship and is highly sought after by buyers from around the world.
In addition, India has a well-established diamond trading market, with a large number of diamond traders and brokers based in major cities such as Mumbai, Delhi, and Jaipur. The country’s diamond trade is regulated by the Gem and Jewellery Export Promotion Council (GJEPC), which works to promote the export of diamonds and diamond jewellery.
The Indian diamond industry has had to deal with some challenges in recent years, such as a slowdown in global economic growth, a decline in demand for diamond jewelry, and increased competition from synthetic diamonds. However, it has remained resilient, due in part to its strong domestic market and its reputation for producing high-quality diamonds at competitive prices.
In addition to its traditional strengths, the Indian diamond industry has also been making efforts to modernize and diversify. For example, some companies have been investing in new technologies such as laser cutting and 3D printing to improve the efficiency and quality of their operations. There are also initiatives to promote the use of diamond jewelry in different segments, such as luxury fashion and bridal wear, to expand the market.
The Indian government has also been supportive of the diamond industry, taking measures to encourage growth and development. For instance, it has provided subsidies and tax benefits to the industry and has also been promoting the sector as a part of “Make in India” program to boost the manufacturing and exports of the country.
Overall, India continues to be the largest country for diamond distribution, with a well-established diamond cutting and polishing industry, a strong domestic market, and a reputation for producing high-quality diamonds at competitive prices. The industry is expected to continue its growth in the future, particularly with the expansion of the middle class and the increasing demand for diamond jewelry in the country.