Government of India Expects Further Growth in Gems & Jewelry Industry in Surat

The Prime Minister to encourage the diamond city to become the jewelry and gems city in the World.

India: Surat, situated on the West of India, is one of India’s biggest contributor to the gems & jewelry market. The city is already famous for its flourishing jewelry business and is also known as the diamond city. The government expects Surat to also have jewelry designing other than just having diamond polishing and cutting work. The Prime Minister announced this after inaugurating a diamond polishing unit of Hari Krishna Exports at 'Hira Bourse SEZ' in Icchapore village on the city's outskirts.

With talented jewelers based across the city since centuries, Surat has a huge potential to create interest and lure international customers. Therefore, Surat shouldn’t be confined only to just diamond polishing and cutting but it has to start manufacturing and designing jewelry, to explore its jewelry potential to the fullest.

TechSci Research depicts that to develop the overall gems & jewelry sector in Surat, the Government and the local companies are focusing on making Surat a jewelry manufacturing hub by setting up manufacturing units related to other jewelry products and not just diamond polishing and cutting. This initiative is expected to boost the gems and jewelry market in India in coming years.

According to a recent report published by TechSci Research, “India Gems and Jewelry Market By Product Type, By Point of Sale, By Organized vs. Unorganized, Competition Forecast and Opportunities, 2011-2021”, gems and jewelry market in the country is projected to grow at a CAGR of around 11% during till 2021. The anticipated growth in market can be attributed to fluctuating gold prices in India, opening of exclusive showrooms, selling jewelry through online retail space and tie-ups with online vendors such as flipkart, amazon, etc., to facilitate easy sale and supply of gems and jewelry to end customers. Demand for gems and jewelry is predominantly concentrated in the southern region of India because of aggressive marketing strategies adopted by companies and increased brand consciousness along with rising disposable income of people in the region.