Diamond and jewelry exports from the Surat Special Economic Zone (SurSEZ) fell by almost a half in 2023-24, as consumers increasingly switched from natural to lab growns.
Foreign sales from SurSEZ's 120 manufacturing units were down from Rs 26,513 crore ($318m) in 2022-23 to Rs 13,747 crore ($165m), a decline (in Rs) of 48 per cent.
Industry leaders at SurSEZ - where 95 per of income come from diamonds and jewelry - says lab growns are hitting sales harder than the global economic crisis, or the wars in Ukraine and Gaza.
For more Updates Do follow us on Social Media
Facebook Page https://bit.ly/3blw5Rg
Instagram https://bit.ly/3MsRHbP
YouTube https://bit.ly/3LjGj2L
Twitter https://bit.ly/3E9IO5U
Linkedin https://bit.ly/3M17Xlk
WhatsApp Group https://bit.ly/JewelBuzz13