Now, Synthetic Diamonds Are Surat’s Best Friend

SURAT: The onslaught by synthetic diamonds has remained a real threat to Surat’s famed industry. Incidentally, the same cheap lab-grown diamonds, are now helping the city’s cutting and polishing units stay afloat in the time of crisis.

They are suffering from severely eroded profit margins and sharp fall in the prices of low-quality diamonds. An estimated 10% of small and medium diamond units or over 600 units in the diamond hubs of Varachha and Katargam have shifted to manufacturing synthetic diamonds, which are produced in huge quantity in China and Singapore. The lab-grown diamonds are shipped to India via Dubai and they reach small factories in Surat and Saurashtra for processing.

While naturally occurring diamonds form over the course of billions of years, synthetic diamonds are made in a matter of weeks. Their affordable price points are the biggest allure for Surti diamond manufacturers and diamond consumers in the USA.

The annual turnover of lab-grown diamonds in India pegged at Rs 3,000 crore. Diamond industry analyst, Aniruddha Lidbide said, “De Beers has already forayed into the lab-grown diamond business. Surat units need to sustain in the given circumstances by processing these diamonds.

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Courtesy: Times of India