Surat’s diamond cutters diversify into gold jewellery-making as demand shifts

Demand for both gold and studded jewellery has picked up in India and abroad, while demand for cut and polished diamonds is low and not expected to increase significantly in the near future

Surat: As global demand for natural diamonds wanes, some of Surat’s diamond cutting and polishing units have diversified their operations by turning to gold jewellery manufacturing to ride out the low business phase. The market for gold jewellery remains reasonably good.  

“The units have gradually started doing job work in jewellery manufacturing,” Gem and Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah was quoted by the Economic Times as saying. “Jewellery demand is increasing both in India and abroad, therefore, they are trying to leverage this opportunity. In this way, the units in Surat are trying to engage workers.”

The demand for both gold and studded jewellery has picked up in India and abroad. However, demand for cut and polished diamonds is not expected to increase significantly in the near future as global uncertainty continues. 

From April to November 2024, India’s cut and polished diamond exports decreased by approximately 19% but plain gold jewellery exports rose by 2.48% and studded jewellery exports increased by 14.4% during the same time period, according to statistics released by the GJEPC. Many of Surat’s diamond cutting and polishing units have diversified into jewellery making, with focus on studded jewellery.  

The diamond cutters now require jewellery-making skills; therefore, the GJEPC has launched a course tailored for them. Among pre-Budget proposals put forward during a meeting with Finance Minister Nirmala Sitharaman, the GJEPC has also sought to explore ways to promote the natural diamond industry, asking for financial support for a campaign aimed at increasing demand for diamonds. 

Retail Jeweller India News