According to Red Star News, on December 17, in Surat, Gujarat, India, Indian Prime Minister Modi presided over the ribbon-cutting ceremony and announced the opening of the Surat Diamond Exchange.
The Surat Diamond Exchange costs 32 billion rupees and consists of 9 rectangular, 15-storey buildings, with a total of about 4,700 offices and 131 elevators. It covers an area of 62 hectares, surpassing the Pentagon in the United States and becoming the largest office building group in the world.
Modi said that Surat is transforming into a "radiant diamond city". The completion of the Surat Diamond Exchange will create 150,000 new jobs for India and provide a "one-stop" workplace for craftsmen and businessmen.
Modi pointed out that India's share of global gemstone jewellery exports is only 3.5%, while the Surat Diamond Exchange is expected to help India increase its share of gemstone jewellery exports. He also announced that the Indian government will continue to support the industry through a series of incentives and list it as a focussed area for export promotion.
China ranks first in the world in the production capacity of cultivated diamonds
China's diamond market has huge demand, which is the second largest diamond consumer in the world and promotes the rapid development of China's diamond industry. Therefore, from the perspective of the upstream diamond production link of the diamond industry chain, according to Bain Consulting, China's diamond cultivation production capacity in 2020 ranks first in the world, reaching 3 million carats. Secondly, India and the United States are the second and third largest diamond producers in the world, with a production capacity of 1.5 million carats and 1 million carats respectively in 2020.
India vigourously supports the country to cultivate the diamond industry
At present, India's global market share of breeding diamonds is 15%. The Indian government, the Bank of India and other institutions introduced support measures for the country's cultivation diamond industry in 2022, which can be summarised as follows for reference:
According to the China Diamond 2021 Yearbook released by the Shanghai Diamond Exchange, the overall trend of the industry can be summarised in two aspects, one of which is digital transformation. Build a diamond traceability platform through the Internet, blockchain and other means; the second is to strengthen the link of international diamond trade, make the international diamond transaction process more simplified and convenient by signing agreements, setting up offices, etc., and improve the efficiency of diamond trade.
Vipul Shah, vice chairman of India's Gemstone Jewellery Export Promotion Agency (GJEPC), said that the export of cultivated diamonds may double. With the support of increased demand in the U.S. market and increased acceptance in the United Kingdom and Australia, exports are expected to grow to $7 billion to $8 billion in the next few years. Shah added that cultivating diamonds will be regarded as a fashionable jewellery that young people can afford, which is the way to change the market.
