On the last day of 2024, the AIDI International Smart Diamond Association Think Tank was invited to attend the India Diamond Industry Development Forum organized by the Surat Diamond Center. This document provides a detailed account of discussions related to lab-grown diamonds during the forum.
Surat's Achievements in 2024
In 2024, the Surat Diamond Center marked significant advancements in the following areas:
- Strengthened Trade Relations with the US:
By collaborating with industry organizations such as the Gem & Jewellery Export Promotion Council (GJEPC) and Rapaport, and forming partnerships with entities like the US Federal Trade Commission (FTC) and the Responsible Jewellery Council (RJC), Surat ensured the export quotas for diamonds, particularly lab-grown diamonds, were stable. This also safeguarded cooperative interests with US distributors, reinforcing Surat’s diamond processing supply chain. - Investments in CVD Production:
The center invested in four lab-grown diamond manufacturers, significantly enhancing Chemical Vapor Deposition (CVD) production capacity to meet the high demand from the US diamond market. This effort attracted more funding for diamond processors and traders to settle in Surat, fostering industrial centralization and solidifying its position as a true diamond hub. Currently, Surat boasts 470 businesses across its diamond-related sectors. - Collaboration with Tata Group:
Surat partnered with India’s largest conglomerate, Tata, to establish an industrial fund supporting the International Gemological Institute (IGI) for diamond grading services. This collaboration also introduced on-site grading labs for manufacturers and investments in all stages of the industry chain. - Launch of New Lab-Grown Diamond Brands:
Surat has diversified into domestic markets by introducing multiple lab-grown diamond jewelry brands. Some of these brands have already entered the US and Australian markets, further extending their global reach. - Strategic Raw Diamond Imports from China:
Surat continued importing rough diamonds from China, particularly 1-carat HPHT diamonds, partly to supply the US market and re-export the majority back to China. The AIDI Think Tank speculates deeper market and industrial strategies behind this move.
Development Goals for 2025
Looking ahead, the Surat Diamond Center has outlined the following ambitions:
- Expand CVD Diamond Production:
Strengthen industry funding to improve cutting and processing environments and enhance worker welfare, aligning with global sustainability trends. - Increase Marketing Investments:
Focus on penetrating the Chinese market with strategic marketing plans, tapping into China’s burgeoning demand for lab-grown diamonds. - Strengthen Trade Systems:
Establish a global online trading platform for lab-grown diamonds, enabling seamless transactions worldwide.es.sly.ssly.ellers.