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Surat & South Gujarat

SJMA > Surat & South Gujarat

History of Surat as Diamond City

Surat is a major hub of diamond cutting and polishing. The first diamond workshops in Gujarat appeared in Surat and Navasari in the late 1950s. The major group working in this industry is people from the Saurashtra region of Gujarat. Because of demand in the American market from the early 1970s to the mid-1980s (with only a brief recession in 1979), Surat’s diamond industry grew tremendously. Currently, most of the diamond manufacturing companies are running in the Varachha area of Surat, mostly by the people of the Patel community. Around the world, 8 out of 10 diamonds on the market were cut and polished in Surat. This industry earns India about US$10 billion in annual exports. That declined by about 18% in 2019 due to reduced demand for diamonds. The decline continued in 2020 when the industry closed for some months because of the COVID-19 pandemic in India but after the unlock industry booms again with tremendous business boost.

One of the fastest growing cities across the globe. Surat is known as the textile / silk city and the diamond city in the world. Among the 9 out of 10 diamonds are cut and polished in Surat it self. In Surat there are approx 450 organized and unorganized jewellery manufacturers, importers and exporters doing value addition, innovation and creation. They are providing ample employment and creating employment opportunity too. In Surat for gem & jewellery industry world class infrastructures are available like Gujarat Hira Bourse – gems & jewellery park, sursez in Sachin GIDC area and in nearer future the world’s biggest diamond exchange in Surat – Surat Diamond Bourse is getting ready for manufacturing,trading, export and import.

About Surat Diamond Bourse:

The SDB Diamond Bourse is a not for profit organization promoted by SDB Diamond Bourse, a company registered under section 8 of the Companies Act, 2013 and formed for the establishment & promotion of Diamond Bourse at Surat, Gujarat. The SDB Diamond Bourse would be India’s second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with availability of 66 lakh Sq.ft. built up area encompassing 4,000 offices for national & international traders.

About Gujarat Hira Bourse:

GHB is a Company registered u/s 25 of the Companies Act 1956 of India. It has come up with a very ambitious project of developing a world class Gem & Jewellery Park at Ichchhapore, Surat. The Project which is spread across 100 hectares of land would house a hi-tech convention centre, trading centre and all relevant Infrastructure facilities like roads, electric system, water supply network etc.

GHB symbolizes the Gem & Jewellery industry of India with almost all leading entrepreneurs from the Industry joining it as members. The managing committee of GHB is determined to provide an International level of Infrastructure facilities to the Industry and to establish Gujarat/Surat as one of the most favored destinations in the world. Once complete, the project is expected to house more than 350 Gem & Jewellery export units doing business of around Rs.35000 Crore. The total project cost is expected to be Rs. 400 crores.

About Surat SEZ:

SuRSEZ, the popular name of Surat Special Economic Zone is the main strategic business unit of Diamond and Gem Development Corporation Limited (DGDC). It's a great opportunity for all non-polluting, export oriented industries to set up units in SuRSEZ as it renders many advantages in terms of business and trade. SuRSEZ offers the entire range of fiscal benefits offered by the governments of India, Gujarat and other bodies. These include benefits under Income Tax, Customs Duty, Excise Duty, Service Tax, Industrial Licensing and so on.

SuRSEZ is the First Operating Zone in the private sector in India. The track record of SuRSEZ in the last 5 years speaks for itself. From a level of about Rs.62 crores in 2000-01, exports from SuRSEZ rose to Rs. 2400 crores in the year 2005-06. Projected turnover of the Zone for financial year 2006-07 is Rs.4000 crores.