The business landscape of Surat, India’s Diamond City, is on the brink of a great leap forward steered by the colossal Surat Diamond Bourse and a new international airport. Already bustling with exceptionally vibrant business activity, Surat is gearing up to chart greater heights globally with its diamond prowess in focus.
Surat Airport in Gujarat was officially granted the status of an ‘International Airport’ after being inaugurated by Prime Minister Narendra Modi on December 17. This development marks the third international airport in Gujarat, alongside Ahmedabad and Rajkot, and holds significant potential for India’s prominent diamond industry.
INDIA’S DIAMOND INDUSTRY
India is the largest exporter of diamonds in the world, primarily owing to the trade of cut and polished diamonds, which India holds a near-about monopoly in. More than 90% of the world’s diamonds are processed in India.
The export value of cut and polished diamonds by India was 24.43 billion U.S. dollars in the fiscal year of 2022 with top destinations being the US, Europe and UAE. The share of lab-grown diamonds in these exports is also growing, as members of this sector diversify with the use of advanced technologies.