Surat: Surat, also known as the Diamond City, has been grappling with a prolonged slowdown in its diamond industry. Reflecting the industry’s fading sparkle, diamond export figures have seen a steady decline. The reduced demand for natural diamonds in key markets such as the United States and China has directly impacted India’s diamond sector. In the financial year 2024–25, natural diamond exports fell by ₹19,722 crore compared to 2023–24.

According to recently released data from the Gem & Jewellery Export Promotion Council (GJEPC), exports of natural diamonds dropped from ₹1,32,132.84 crore in 2023–24 to ₹1,12,410.58 crore in 2024–25. As 9 out of every 10 diamonds in the world are cut and polished in Surat, the decline in exports has had a direct effect on the city’s diamond industry. Industry experts note that such a steep drop in exports has not been seen in several years.

Diamond export figures:

However, despite the overall annual decline, there is a glimmer of hope. According to GJEPC data, natural diamond exports in March 2025 stood at ₹9,998.78 crore, compared to ₹9,674.12 crore in March 2024—marking a 3.63% increase. Similarly, lab-grown diamond exports rose by 11.01%, from ₹1,028.15 crore in March 2024 to ₹1,141.33 crore in March 2025.

One of the key reasons for the overall drop in diamond exports is the reduced purchasing power of consumers in the United States. “The reduced spending power in the US market is a major reason behind the sharp decline in exports during FY 2024–25,” said Dinesh Navadia, Chairman of the Indian Diamond Institute (IDI). DeshGujarat