After a long slump, Surat’s diamond industry is seeing renewed momentum this Diwali, driven by a global surge in demand for lab-grown diamonds.
Typically, diamond factories in Surat close for 21 to 25 days during the festive season. However, this year the break is expected to be only 10 to 15 days as units work to meet rising export orders.
The sector had been struggling due to falling demand for natural diamonds in the US and European markets. Now, demand for lab-grown diamonds has increased by 25–30%, with prices of rough stones climbing 13–15%—especially due to higher demand from China.
Jagdish Khunt, president of the Surat Diamond Association, said, “The diamond industry has seen many ups and downs in the past three years, but it is now slowly stabilising.”

