Exports of jewelry and diamonds from the Surat Special Economic Zone (SurSEZ) decreased by over 50% in 2023–2024 as buyers shifted more and more from natural to lab-grown products.
The 120 manufacturing units of SurSEZ had a 48% decrease in foreign sales from Rs 26,513 crore ($318m) in 2022–2023 to Rs 13,747 crore ($165m).
Leaders in the industry at SurSEZ, where jewelry and diamonds account for 95% of revenue, claim that the impact of lab-grown products on sales is greater than that of the global economic crisis or the conflicts in Gaza and Ukraine.