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Surat SEZ diamond exports halved, hit by lab growns

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.

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