Surat hosts first buyer-seller meet of lab grown diamonds

Surat, the hub of cutting and polishing rough diamonds, is now turning to be the hub of lab grown diamonds, according to industry experts.

At the BSM, buyers will hold meetings with sellers, while international buyers will also get a chance to visit the factories of exhibitors.

“Over the past eight years, India has advanced from the 11th to the fifth largest economy in the world, surpassing Britain. This remarkable growth has been aided by the significant contribution of the gem and jewellery industry… it is expected to continue, with the development in the LGD sector,” said Virendra Singh.

Mentioning about the grnat to IIT-Madras in the Union Budget to support research on LGDs, GJEPC vice-chairman Kirit Bhansali said, “This will facilitate the development of indigenous manufacturing machinery for LGDs. The sector is expected to create thousands of additional job opportunities.”

Vijay Mangukiya, GJEPC regional chairman Gujarat, said, “Surat is witnessing a phenomenal change in the supply of gems and jewellery… World class jewellery manufacturing units are established in Surat.”

The LGD industry has faced several challenges in the past, said Smit Patel, Convener, LGD committee of GJEPC, adding, “Nobody understood this product and the technology was new. As time passed, we developed expertise in this field and  I have seen the journey of Surat becoming a growers’ paradise over the past five years.”

As per the GJEPC, over the past five years, the LGD sector in India has grown significantly, with exports growing from USD 131 million in 2016-17 to USD 1.5 billion in April 2022 to February 2023. The government’s decision to abolish import duty on LGD seeds is helping to boost production and exports of LGDs from India. The LGD sector is expected to contribute 10 per cent to the country’s total gem and jewellery exports by 2025, according ot GJEPC chairman Vipul Shah.