New figures from the Gem and Jewellery Export Promotion Council (GJEPC), quoted by IDEX Online, show that “diamond manufacturers in Surat are now importing the vast majority of rough direct to the city, rather than via Mumbai.”
In the financial year up to March 2020, rough imports to both Mumbai and Surat were on a par “at just over $6 billion”. However, in the ten months to February 2022, Surat imported $13.2 billion of rough – almost four times as much as Mumbai’s $3.7 million.
According to GJEPC, many smaller manufacturers “have switched to direct importation because of improved customs facilities and fewer GST (Goods and Service Tax) formalities.”
Later this year, Surat’s long-expected diamond bourse will open – the world’s largest office building “with nine 15-story towers.”
