Diamond Business in Surat
Popularly known as the diamond city of the world, Surat is a hub for diamond cutting and polishing. The people here have mastered the art of cutting and polishing of diamonds. You can find a lot of gold shops selling diamonds or jewellery as you pass by the streets of Surat. Surat is the second-largest city in the Gujarat province of India and is known for being the centre of more diamond manufacturing activity than any other place in the world. 90% of all diamond cutting and polishing on the planet takes place in Surat.
The Rough Diamond is sourced from South Africa, Canada, Russia, Botswana, and Australia but is imported from Antwerp (Belgium). Surat has 4000 cutting and polishing units out of which 300 units are large scale manufacturers. The total turnover of the industry in Surat is 200,000 crores per year and it has generated employment for 400,000 people.
90% of the world’s diamonds pass through Gujarat for polishing, making the Indian state a pivotal member of the diamond supply chain. The diamond industry of India traces its roots to the 1960s when some entrepreneurs belonging to the Patel community of Saurashtra began importing rough diamonds, which were then polished and exported. Post the 1980s, the industry grew rapidly due to its proximity to the financial capital, Mumbai, and eventually resulted in the emergence of many such business communities from Saurashtra and Gujarat that helped the diamond industry of Surat prosper.