Gujarat: Surat's Lab-Grown Diamond Industry Shines Brighter With State Government's ₹7 Cr Boost In Budget 2024-25

Gujarat: Surat's Lab-Grown Diamond Industry Shines Brighter With State Government's ₹7 Cr Boost In Budget 2024-25

The move is expected to significantly boost the industry, already thriving in the city.

Melvyn ThomasUpdated: Friday, February 02, 2024, 05:07 PM IST
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The world's largest diamond cutting and polishing hub is set to sparkle even brighter with the Gujarat government's announcement of a Rs 7 crore allocation in its 2024-25 budget for establishing a Centre for Excellence (CFE) for lab-grown diamonds in Surat. This move is expected to significantly boost the industry, already thriving in the city.

The lab-grown diamond industry erupted in praise after Finance Minister Kanu Desai announced the allocation.

Dinesh Navadia, a prominent diamond businessman from Surat, applauded the initiative, stating, "This will undoubtedly propel the production and export of lab-grown diamonds in Gujarat and Surat."

Shashikant Shah, director of the Lab-Grown Diamond and Jewellery Promotion Council, echoed the sentiment, highlighting the CFE's potential to "boost production, particularly in Surat."

Surat already holds the distinction of being India's largest producer of lab-grown diamonds. The industry is rapidly gaining traction as a sustainable and ethical alternative to natural diamonds, with growing demand in international markets. This government investment further solidifies Surat's position as a global leader in this burgeoning sector.

The CFE is expected to serve as a catalyst for the industry's growth, providing crucial infrastructure and support. It will likely offer research and development facilities, training programs, and industry collaborations, fostering innovation and competitiveness.

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

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