Think of a diamond sparkling on a ring—there's a staggering ninety percent chance it was cut and polished in India, a nation that dominates the global gem trade not by mining stones but by masterfully refining them.
Key Takeaways
- In FY 2022-23, India produced 35,000 carats of natural diamonds from its mines, primarily from Panna district
- India's share in global rough diamond production stood at 0.1% in 2022, with total output valued at $5 million
- Panna diamond mine in Madhya Pradesh yielded 32,000 carats in 2022, marking a 5% increase from previous year
- India's polished diamond exports grew by 14.9% to $24.39 billion in FY 2022-23
- Cut and polished diamonds accounted for 72% of India's total gems and jewellery exports worth $31.18 billion in FY23
- Diamond exports to USA surged 18% to $12.5 billion in FY23
- India imported 1,208 million carats of rough diamonds worth $22.99 billion in FY23
- Rough diamond imports declined 28% to $17.8 billion in FY24 (Apr-Jan)
- 95% of global rough diamond production is imported by India for processing, valued at $25 billion annually
- India cuts and polishes 90% of the world's rough diamonds, processing 1.2 billion carats annually
- Surat handles 92% of India's diamond cutting and polishing activity, employing 800,000 workers
- Average polishing time per carat in India is 15 minutes, enabling high efficiency globally
- Diamond industry employs 4.5 million people directly and indirectly in India, with 1 million in polishing
- Surat diamond sector provides jobs to 1.2 million artisans in 2023
- Contribution to India's GDP from gems and jewellery is 7%, with diamonds at 41% of sector
India dominates global diamond processing, importing rough stones and exporting polished gems worldwide.
Export Statistics
- India's polished diamond exports grew by 14.9% to $24.39 billion in FY 2022-23
- Cut and polished diamonds accounted for 72% of India's total gems and jewellery exports worth $31.18 billion in FY23
- Diamond exports to USA surged 18% to $12.5 billion in FY23
- In April-Feb FY24, rough diamond exports fell 36.44% to $10,012.25 crore
- Polished diamond exports to Hong Kong dropped 42% to $2.84 billion in FY24 (Apr-Jan)
- India's share in global polished diamond exports was 25% by value in 2022
- Diamond exports constituted 41% of India's total gems and jewellery exports of $37.35 billion in FY22
- In FY21, cut and polished diamond exports were $15.98 billion, down 33% due to pandemic
- Exports of rough diamonds to UAE rose 25% to $3.2 billion in FY23
- Lab-grown diamond exports from India reached $500 million in 2023
- India's rough diamond exports to Belgium were $1.2 billion in FY23, down 15%
- Polished diamond exports to Israel fell 30% to $1.1 billion in FY24
- Share of diamonds in India's total exports: 5% valued at $24 billion in 2022
- Antwerp routed 35% of India's polished diamond re-exports worth $8.5 billion
- Diamond bourses in Mumbai and Surat boosted exports by 10% to $2.5 billion in 2023
- FY20 diamond exports crashed 47% to $13.2 billion amid lockdowns
- Exports of certified polished diamonds under Kimberley Process: 28 million carats in 2022
- Thailand imports 12% of India's polished diamonds at $2.9 billion FY23
- USA remains top destination with 50% share of $12.2 billion polished diamond exports FY23
Export Statistics Interpretation
Despite a brilliant 25% global market stranglehold and a pandemic-defying rebound in the U.S. market, India's diamond crown is slightly askew as rough diamond exports stumble, key markets like Hong Kong dim, and a glittering new competitor in lab-grown gems emerges.
Import Statistics
- India imported 1,208 million carats of rough diamonds worth $22.99 billion in FY23
- Rough diamond imports declined 28% to $17.8 billion in FY24 (Apr-Jan)
- 95% of global rough diamond production is imported by India for processing, valued at $25 billion annually
- In FY22, rough diamond imports totaled $32.4 billion, up 118% YoY
- Belgium supplied 40% of India's rough diamond imports worth $9.2 billion in FY23
- Russia's share in India's rough diamond imports fell to 20% or $4.6 billion in FY24 due to sanctions
- Dubai emerged as top source for rough diamonds to India at $5.1 billion in FY23
- Total rough diamond imports in Apr-Feb FY24 were 890 million carats valued at $14.5 billion, down 35%
- Hong Kong accounted for 15% of India's rough diamond imports at $3.45 billion in FY22
- South Africa supplied 25% of India's rough imports at $5.75 billion in FY22
- Total value of rough imports peaked at $35.6 billion in FY21
- Antwerp's share in India's rough imports: 45% or $10.4 billion FY23
- Botswana rough diamonds to India: $3.8 billion, 16% share in FY23
- Decline in imports from Russia: from 35% to 18% share post-2022 sanctions
- Caratage of imports: 1.1 billion carats in FY22, average size 0.9mm
- UAE overtook Belgium as top supplier with 22% share $5.1 billion FY23
Import Statistics Interpretation
India's diamond industry is currently performing a high-stakes, global juggling act, desperately trying to keep billions of dollars in the air despite sanctions swatting Russia from the lineup and volatile demand causing its own staggering drops.
Market and Employment
- Diamond industry employs 4.5 million people directly and indirectly in India, with 1 million in polishing
- Surat diamond sector provides jobs to 1.2 million artisans in 2023
- Contribution to India's GDP from gems and jewellery is 7%, with diamonds at 41% of sector
- Turnover of Indian diamond industry was $40 billion in FY23
- 50% of workforce in diamond polishing are women, around 500,000 in Surat
- MSME contribution: 99% of diamond firms are SMEs employing 90% of workforce
- Forex earnings from diamond exports: $23 billion in FY23, supporting trade balance
- Lab-grown diamonds created 50,000 new jobs in India since 2021
- Average salary for diamond polishers in Surat is INR 25,000/month
- Gems and jewellery sector employs 5 million, diamonds 55%
- Contribution to exports: 16% of India's total $450 billion exports from $70 billion GJ
- 1.5 million direct jobs in diamond cutting/polishing, 70% migrants
- MSMEs: 600,000 units in diamonds, 95% <10 workers
- Forex savings: $8 billion annually from value addition
- Women employment: 600,000 in polishing, 35% supervisory roles now
- Skill India trained 100,000 diamond workers since 2020
- Turnover growth: 12% CAGR to $45 billion projected FY24
- GDP impact: 0.5% direct from diamonds
- Youth employment: 60% under 35 in diamond firms
Market and Employment Interpretation
India’s diamond industry, powered by millions of artisans and largely fueled by micro-entrepreneurs, polishes not just gems but also the nation’s economy by employing a small city’s worth of people, significantly supporting exports, and quietly ensuring that nearly half its glittering workforce are women carving out their own facets of financial independence.
Processing and Polishing
- India cuts and polishes 90% of the world's rough diamonds, processing 1.2 billion carats annually
- Surat handles 92% of India's diamond cutting and polishing activity, employing 800,000 workers
- Average polishing time per carat in India is 15 minutes, enabling high efficiency globally
- India polished 10 million carats of lab-grown diamonds in 2023
- Number of diamond polishing units in Surat exceeds 5,000, processing 80% of global supply
- Value addition through cutting and polishing in India averages 40-60% on rough diamonds
- In FY23, India exported 35 million carats of polished diamonds
- Laser cutting technology adopted by 70% of Indian polishers, reducing waste to 45%
- India's polishing exports of melee diamonds (under 0.2 carats) reached 75% of global market in 2022
- Daily polishing capacity in Surat is 2 million carats
- India polished 91% of global diamonds by volume in 2022
- Waste reduction in Indian polishing: from 55% to 48% with new tech in 2023
- Number of facets on Indian-brilliant cut diamonds standardized at 57-58
- Surat's 8,000+ laser machines process 1.5 million carats daily
- Value of polished output: $28 billion from $23 billion rough in FY23, 22% addition
- Melee polishing: India processes 85% of world's <10-pointer diamonds
- Automated polishing lines in 200 factories boosted efficiency 25% YoY
- Certification rate for polished diamonds from India: 75% with GIA/IGI
- Training centers trained 50,000 polishers in 2023 via GJEPC
Processing and Polishing Interpretation
Surat doesn't just have the world on its wrist; it holds 90% of the world's diamonds under its thumb, cutting 1.2 billion carats of pressure into a 22% return with such standardized efficiency that the only thing sharper than its lasers is its market dominance.
Production Statistics
- In FY 2022-23, India produced 35,000 carats of natural diamonds from its mines, primarily from Panna district
- India's share in global rough diamond production stood at 0.1% in 2022, with total output valued at $5 million
- Panna diamond mine in Madhya Pradesh yielded 32,000 carats in 2022, marking a 5% increase from previous year
- India's lab-grown diamond production reached 5 million carats in 2023, driven by Surat manufacturers
- Total diamond production from Majhgawan mine in 2021 was 28,450 carats
- In 2023, India's natural diamond output was estimated at 38,000 carats, up 8.6% YoY
- Share of synthetic diamonds in India's total production hit 15% in FY23
- Panna mine's revenue from diamond sales was INR 120 crore in 2022
- India's diamond production capacity for lab-grown stones reached 10 million carats annually by mid-2023
- In 2020, diamond output from Indian mines was 25,000 carats due to COVID disruptions
- India's total diamond production including synthetics hit 15 million carats in 2023
- Output from Golconda-like mines in India remains negligible at under 1,000 carats premium gems yearly
- Panna mine produced 4,500 carats of gem-quality diamonds in 2022
- Lab-grown production facilities in India numbered 50 by 2023, producing 12% of global supply
- Decline in natural production by 10% in 2021 due to mine closures
Production Statistics Interpretation
The Indian diamond industry is mastering the art of man-made brilliance with Surat's factories producing millions of lab-grown carats, while its natural mines, like the modestly growing Panna, contribute a charmingly humble 0.1% slice of the global rough pie.
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