Surat’s lab-grown diamond industry shines with state government’s 7 crore incentive in Budget 2024-25

Gujarat: The world’s largest diamond cutting and polishing center and more with the Gujarat government announcing an allocation of Rs 7 crore in its 2024-25 budget to set up a Center of Excellence (CFE) for lab-grown diamonds in Surat. Is going to shine more. The move is expected to provide a major boost to the already thriving industry in the city.

After the announcement of the allocation by Finance Minister Kanu Desai, the lab-grown diamond industry started getting praised.

Hailing the initiative, Dinesh Navadiya, a prominent Surat-based diamond businessman, said, “This will undoubtedly boost the production and export of lab-grown diamonds in Gujarat and Surat.”

Shashikant Shah, director of the Lab-Grown Diamond and Jewelery Promotion Council, echoed this sentiment, highlighting the CFE’s potential to “boost production, especially in Surat”.

Surat already has the distinction of being India’s largest producer of lab-grown diamonds. With increasing demand in international markets, the industry is rapidly gaining popularity as a sustainable and ethical alternative to natural diamonds. This government investment further strengthens Surat’s position as a global leader in this emerging sector.

The CFE is expected to act as a catalyst for the growth of the industry, providing critical infrastructure and support. It will likely offer research and development facilities, training programs and industry collaboration, promoting innovation and competitiveness.

The Gujarat government’s investment in the laboratory-grown diamond industry signals its commitment to diversification and sustainability. With this boost, Surat is set to further strengthen its position as a global leader in this exciting new market, creating jobs, attracting investments and contributing to the economic growth of the state.