India’s diamond trade kept stretching and reshaping its global footprint, from polished exports rising 14.9% to $24.39 billion in FY 2022-23 to rough imports driven by India’s 95% processing dependence on imported stones. Even where growth appears strong, the splits are striking, like polished diamond exports to Hong Kong sliding 42% to $2.84 billion in FY24 while the USA stayed a top destination with a 50% share. This post pieces together those contrasts across export, import, and production to show what is actually changing inside India’s cutting and polishing ecosystem.
Key Takeaways
- 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
- 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 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
- 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 rose 14.9% to $24.39 billion in FY2022 23, led by the United States.
Related reading
01 · Category
Export Statistics19 stats
01
India's polished diamond exports grew by 14.9% to $24.39 billion in FY 2022-23
02
Cut and polished diamonds accounted for 72% of India's total gems and jewellery exports worth $31.18 billion in FY23
03
Diamond exports to USA surged 18% to $12.5 billion in FY23
04
In April-Feb FY24, rough diamond exports fell 36.44% to $10,012.25 crore
05
Polished diamond exports to Hong Kong dropped 42% to $2.84 billion in FY24 (Apr-Jan)
06
India's share in global polished diamond exports was 25% by value in 2022
07
Diamond exports constituted 41% of India's total gems and jewellery exports of $37.35 billion in FY22
08
In FY21, cut and polished diamond exports were $15.98 billion, down 33% due to pandemic
09
Exports of rough diamonds to UAE rose 25% to $3.2 billion in FY23
10
Lab-grown diamond exports from India reached $500 million in 2023
11
India's rough diamond exports to Belgium were $1.2 billion in FY23, down 15%
12
Polished diamond exports to Israel fell 30% to $1.1 billion in FY24
13
Share of diamonds in India's total exports: 5% valued at $24 billion in 2022
14
Antwerp routed 35% of India's polished diamond re-exports worth $8.5 billion
15
Diamond bourses in Mumbai and Surat boosted exports by 10% to $2.5 billion in 2023
16
FY20 diamond exports crashed 47% to $13.2 billion amid lockdowns
17
Exports of certified polished diamonds under Kimberley Process: 28 million carats in 2022
18
Thailand imports 12% of India's polished diamonds at $2.9 billion FY23
19
USA remains top destination with 50% share of $12.2 billion polished diamond exports FY23
Interpretation
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.
02 · Category
Import Statistics16 stats
01
India imported 1,208 million carats of rough diamonds worth $22.99 billion in FY23
02
Rough diamond imports declined 28% to $17.8 billion in FY24 (Apr-Jan)
03
95% of global rough diamond production is imported by India for processing, valued at $25 billion annually
04
In FY22, rough diamond imports totaled $32.4 billion, up 118% YoY
05
Belgium supplied 40% of India's rough diamond imports worth $9.2 billion in FY23
06
Russia's share in India's rough diamond imports fell to 20% or $4.6 billion in FY24 due to sanctions
07
Dubai emerged as top source for rough diamonds to India at $5.1 billion in FY23
08
Total rough diamond imports in Apr-Feb FY24 were 890 million carats valued at $14.5 billion, down 35%
09
Hong Kong accounted for 15% of India's rough diamond imports at $3.45 billion in FY22
10
South Africa supplied 25% of India's rough imports at $5.75 billion in FY22
11
Total value of rough imports peaked at $35.6 billion in FY21
12
Antwerp's share in India's rough imports: 45% or $10.4 billion FY23
13
Botswana rough diamonds to India: $3.8 billion, 16% share in FY23
14
Decline in imports from Russia: from 35% to 18% share post-2022 sanctions
15
Caratage of imports: 1.1 billion carats in FY22, average size 0.9mm
16
UAE overtook Belgium as top supplier with 22% share $5.1 billion FY23
Interpretation
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.
03 · Category
Market and Employment19 stats
01
Diamond industry employs 4.5 million people directly and indirectly in India, with 1 million in polishing
02
Surat diamond sector provides jobs to 1.2 million artisans in 2023
03
Contribution to India's GDP from gems and jewellery is 7%, with diamonds at 41% of sector
04
Turnover of Indian diamond industry was $40 billion in FY23
05
50% of workforce in diamond polishing are women, around 500,000 in Surat
06
MSME contribution: 99% of diamond firms are SMEs employing 90% of workforce
07
Forex earnings from diamond exports: $23 billion in FY23, supporting trade balance
08
Lab-grown diamonds created 50,000 new jobs in India since 2021
09
Average salary for diamond polishers in Surat is INR 25,000/month
10
Gems and jewellery sector employs 5 million, diamonds 55%
11
Contribution to exports: 16% of India's total $450 billion exports from $70 billion GJ
12
1.5 million direct jobs in diamond cutting/polishing, 70% migrants
13
MSMEs: 600,000 units in diamonds, 95% <10 workers
14
Forex savings: $8 billion annually from value addition
15
Women employment: 600,000 in polishing, 35% supervisory roles now
16
Skill India trained 100,000 diamond workers since 2020
17
Turnover growth: 12% CAGR to $45 billion projected FY24
18
GDP impact: 0.5% direct from diamonds
19
Youth employment: 60% under 35 in diamond firms
Interpretation
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.
More related reading
04 · Category
Processing and Polishing19 stats
01
India cuts and polishes 90% of the world's rough diamonds, processing 1.2 billion carats annually
02
Surat handles 92% of India's diamond cutting and polishing activity, employing 800,000 workers
03
Average polishing time per carat in India is 15 minutes, enabling high efficiency globally
04
India polished 10 million carats of lab-grown diamonds in 2023
05
Number of diamond polishing units in Surat exceeds 5,000, processing 80% of global supply
06
Value addition through cutting and polishing in India averages 40-60% on rough diamonds
07
In FY23, India exported 35 million carats of polished diamonds
08
Laser cutting technology adopted by 70% of Indian polishers, reducing waste to 45%
09
India's polishing exports of melee diamonds (under 0.2 carats) reached 75% of global market in 2022
10
Daily polishing capacity in Surat is 2 million carats
11
India polished 91% of global diamonds by volume in 2022
12
Waste reduction in Indian polishing: from 55% to 48% with new tech in 2023
13
Number of facets on Indian-brilliant cut diamonds standardized at 57-58
14
Surat's 8,000+ laser machines process 1.5 million carats daily
15
Value of polished output: $28 billion from $23 billion rough in FY23, 22% addition
16
Melee polishing: India processes 85% of world's <10-pointer diamonds
17
Automated polishing lines in 200 factories boosted efficiency 25% YoY
18
Certification rate for polished diamonds from India: 75% with GIA/IGI
19
Training centers trained 50,000 polishers in 2023 via GJEPC
Interpretation
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.
05 · Category
Production Statistics15 stats
01
In FY 2022-23, India produced 35,000 carats of natural diamonds from its mines, primarily from Panna district
02
India's share in global rough diamond production stood at 0.1% in 2022, with total output valued at $5 million
03
Panna diamond mine in Madhya Pradesh yielded 32,000 carats in 2022, marking a 5% increase from previous year
04
India's lab-grown diamond production reached 5 million carats in 2023, driven by Surat manufacturers
05
Total diamond production from Majhgawan mine in 2021 was 28,450 carats
06
In 2023, India's natural diamond output was estimated at 38,000 carats, up 8.6% YoY
07
Share of synthetic diamonds in India's total production hit 15% in FY23
08
Panna mine's revenue from diamond sales was INR 120 crore in 2022
09
India's diamond production capacity for lab-grown stones reached 10 million carats annually by mid-2023
10
In 2020, diamond output from Indian mines was 25,000 carats due to COVID disruptions
11
India's total diamond production including synthetics hit 15 million carats in 2023
12
Output from Golconda-like mines in India remains negligible at under 1,000 carats premium gems yearly
13
Panna mine produced 4,500 carats of gem-quality diamonds in 2022
14
Lab-grown production facilities in India numbered 50 by 2023, producing 12% of global supply
15
Decline in natural production by 10% in 2021 due to mine closures
Interpretation
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.
Reference
Cite This Report
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APA
Gabrielle Fontaine. (2026, February 13). India Diamond Industry Statistics. Gitnux. https://gitnux.org/india-diamond-industry-statistics
MLA
Gabrielle Fontaine. "India Diamond Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/india-diamond-industry-statistics.
Chicago
Gabrielle Fontaine. 2026. "India Diamond Industry Statistics." Gitnux. https://gitnux.org/india-diamond-industry-statistics.
Sources & references
44 datasets cited across this report · attribution is report-level