Surat: India’s Gem & Jewellery Export Promotion Council (GJEPC) commenced the first-ever Lab-grown Diamond Buyer Seller Meet (BSM) in Surat. The event was inaugurated by Mr. Virendra Singh, ITS, Development Commissioner & Additional DGFT; Mr. Kirit Bhansali, Vice Chairman, GJEPC; Mr. Vijay Mangukiya, Regional Chairman, Gujarat; Mr. Smit Patel, Convener, Lab-grown diamonds committee, GJEPC; Mr. Sabyasachi Ray, ED, GJEPC along with others.
The event is being held from 5th to 7th April 2023, featuring 22 exhibitors presenting their LGD diamonds to 50 buyers from 13 different countries. It is a platform for buyers and sellers to interact directly, negotiate deals, and develop long-lasting business relationships.
Mr. Virendra Singh, ITS, Development Commissioner & Additional DGFT said, “Over the past 8 years, India has advanced from the 11th to the 5th largest economy in the world, surpassing Britain. This remarkable growth has been aided by the significant contribution of the Gem & jewellery industry to the economy, which is expected to continue playing a crucial role in the future, particularly with the development in the LGD sector.”
Mr. Vipul Shah, Chairman, GJEPC said, “Over the past 5 years, the LGD sector in India has grown significantly, with exports growing from USD 131 million in 2016-17 to USD 1.5 billion in April 2022 to February 2023. I express my gratitude to the Central Government for their full support in developing Lab-grown diamond sector in Gujarat. The Government’s decision to abolish import duty on LGD seeds is helping to boost production and exports of LGDs from India. The LGD sector is expected to contribute 10% to the country’s total gem & jewellery exports by 2025.”
Mr. Kirit Bhansali, Vice Chairman, GJEPC said, “The Honourable Finance Minister announced a grant of ₹243 crore to IIT Madras during the Union Budget. This funding will support research on LGDs over a period of five years, which in turn will facilitate the development of indigenous manufacturing machinery for LGDs. As a result, the sector is expected to create thousands of additional job opportunities.”
Mr. Bhansali further added, “Sincere gratitude tothe Gujarat Government for taking several measures to promote and enhance the LGD sector. Offering incentives such as subsidized electricity, lowered interest rates and taxes, research and development backing, and aid for skill improvement will significantly contribute to the sector’s growth and development.”
Mr. Vijay Mangukiya, Regional Chairman, Gujarat said, “Surat is witnessing a phenomenal changes in the supply chain of Gem & jewellery industry. It is not only doing a backward integration by growing Rough of Diamonds but it is also doing a forward integration by establishing world class jewellery manufacturing units in Surat itself.
Mr. Smit Patel, Convener, LGD Committee, GJEPC said, “The LGD industry has faced many challenges in the past as nobody understood this product and the technology was new. But as time passed we developed expertise in this field and I have seen the journey of Surat become a growers’ paradise in the past five years. Thanks to the measures taken by the Govt. to develop this sector here in Surat.”