In a twist that’s stunned the global diamond world, Surat, India’s lab-grown diamond mecca, just imported a jaw-dropping ₹7,486 crore worth of lab-grown rough diamonds over the past year. That’s right — even though over 100 local companies are already cooking up diamonds in labs, the city still went on a massive shopping spree abroad. 💰🌍
But... why? Isn’t Surat supposed to be the source?
Turns out, demand is booming so fast that Surat’s own CVD (Chemical Vapor Deposition) production can’t keep up. So traders are turning to cheaper HPHT (High Pressure High Temperature) rough diamonds from China and Hong Kong. It’s like importing instant noodles when you're already running a noodle factory — demand’s just too hot to handle 🍜🔥.
A senior industry insider spilled the tea:
“Surat is racing toward becoming the world hub for lab-grown diamonds AND fine jewelry exports.”
They’re repurposing natural diamond infrastructure to scale lab-grown production at full speed. Still, global demand — especially from the US and UAE — is outpacing supply like never before.
📈 Even GJEPC Is Going All In
The Gem & Jewellery Export Promotion Council (GJEPC) has hosted three buyer-seller events just for lab-grown diamonds in two years. The most recent one at Surat Diamond Bourse brought in 18 heavyweight buyers from the US, UK, UAE, and Russia. Business from that event? A slick $8 million 💸.
✨ Top growers, suppliers, and jewelers from Surat showed off their bling — and international buyers were clearly dazzled.
📉 Exports Dip, But Don’t Panic
Yes, India’s exports of polished lab-grown diamonds fell slightly this year:
- From US$1.68 billion to US$1.4 billion
- That’s a 16.5% drop 📉
- But experts say it’s due to global inflation and order delays, not a lack of interest
🇺🇸 The US is still India’s biggest fan, importing $676M, with UAE ($208M) and Hong Kong ($206M) close behind.
📊 The Future is $50 Billion Bright
A major survey says the global lab-grown diamond market will hit $50 billion by 2030, growing at 9.4% CAGR. With Surat’s speed, infrastructure, and global attention, it might just become the lab-grown diamond capital of the world.
So yeah — Surat’s importing a ton of diamonds. But it’s not a weakness. It’s a power move. 😎💎