Union Home Minister Amit Shah has urged India’s gems and jewellery industry to take control of the entire lab-grown diamond ecosystem and build globally recognised Indian brands, calling the sector a major opportunity for the country.
Speaking at the 52nd India Gem & Jewellery Awards in Mumbai, Shah said the lab-grown diamond market could expand nearly 50 times in volume compared with the current diamond market. He said India already possesses the infrastructure, skilled workforce, capital and trading network needed to take advantage of the opportunity.
Shah called on Indian businesses to retain control across the complete value chain, including manufacturing equipment, diamond production, jewellery making, branding and international retail outlets. He said India should become a founding force in the lab-grown diamond industry and develop brands with a global presence.
The Union government is preparing a policy for the sector, while Gujarat and Maharashtra are also working on measures to support the industry.
Shah highlighted the longstanding importance of India’s gems and jewellery trade and praised Surat’s role in diamond processing. He said around nine out of every 10 diamonds globally are cut, polished or designed in Surat, while Mumbai remains a major centre for exports.
India’s gems and jewellery exports reached Rs 2.44 lakh crore in 2025, accounting for 6.3% of total merchandise exports, according to Shah. The sector provides direct or indirect employment to nearly 75 lakh people, while more than 90% of cut and polished diamonds are processed in India.
He also pointed to free trade agreements with markets including the EU, UAE, Australia, Oman and the UK as opportunities for expanding exports.
Shah said tax incentives, including a 15-year income tax exemption for eligible rough diamond trading companies operating in special notified zones, would further support the sector. He also highlighted the Bharat Ratnam common facility centre and the planned India Jewellery Park, which is expected to attract Rs 50,000 crore in investment and generate nearly one lakh jobs.
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