Representative image of diamonds.
Credit: iStock photo.
Ahmedabad: The diamond sector in Gujarat, where eight of the world's 10 rough diamonds are processed by around eight lakh polishers based in Surat, is a major contributor to the state's economy, and the new diamond bourse coupled with the Vibrant Gujarat Summit are projected to spur its growth further, experts feel.
Prime Minister Narendra Modi on Sunday inaugurated the sprawling Surat Diamond Bourse, calling it a symbol of strength and determination of new India.
According to industry experts, the contribution of the state's diamond sector is only going to get bigger with the new bourse as the turnover is projected to go up to Rs 2 lakh crore annually.
The industry is set to provide employment to another 1.5 lakh people and help achieve the central government's ambitious export targets for gem and jewellery, they say.
The Vibrant Gujarat Global Summit will help in the growth of the gems and jewellery sector, which accounts for 3.5 percent of world's export, which will add sheen to the state's economy with the central government aiming to increase it to double digits, the experts said.
The 10th Vibrant Gujarat Global Summit is scheduled to be held in state capital Gandhinagar from January 10 to 12, 2024.
In his inaugural speech at the Surat Diamond Bourse, built with an investment of Rs 3,400 crore, PM Modi hailed the sector for generating eight lakh jobs, and said another 1.5 lakh jobs will be added due to the new bourse.
"Surat's diamond sector has provided employment to 8 lakh people since the beginning. Now the Surat Diamond Bourse is also providing employment to another 1.5 lakh people. I would like to congratulate all my friends in the diamond trading business who have worked day and night to give a boost to this industry," he said.
With India's largest customs clearance house, jewellery mall and international banking facility, the bourse will boost the development of the diamond industry, he said.
India's global contribution to gems and jewellery exports is 3.50 per cent, which the central government aims to take up to double digits, and the bourse and Surat entrepreneurs will help achieve the same, Modi said.
The Surat bourse has been built as part of the Dream City (Diamond Research and Mercantile City) project, which covers a total area of 700 hectare, as a result of Modi as the then chief minister announcing in 2010 the creation of a Special Notified Zone for the industry. Constructed over 6.6 million square feet, it will serve as a hub for diamond cutting, polishing and processing, cutting cost which it aims to pass on to the buyers.
Highlighting the global prominence of Surat's diamond industry, Chief Minister Bhupendra Patel said the bourse is set to become a global centre for rough and polished diamond trading. He said the state government was committed to ensure that Surat's diamond industry continues to develop unhindered.
Chairman of Surat Diamond Bourse, Vallabh Patel said the new world-class business hub will directly benefit the economy of the state and the country.
"This initiative, as projected, is expected to bring in a turnover of Rs 2 lakh crore annually, and we all, together, will be the beneficiaries," he said.
Rajubhai Patel, manager of Kiran Diamonds, talks about how the Vibrant Gujarat has led to the growth of the sector.
"Now, the goods go to 40-42 countries. Accordingly, the growth of Gujarat has also increased, due to which (PM) Modi saheb has worked with all the diamond people in making Vibrant Gujarat. This is how, the growth has increased so much," he said.
Saurabh Goswami, a worker in a diamond manufacturing unit, expressed happiness over the hike in their salaries due to the growth of the industry.
"Ever since Vibrant Gujarat started, there has been a growth in the diamond industry. Our salaries have also increased and the work is also good," he said.