Indians should control entire lab-grown diamond ecosystem, build global brands: Amit Shah

Union Home Minister Amit Shah on Sunday called on Indian jewellers and businesses to take control of the entire lab-grown diamond ecosystem and build globally dominant brands, saying the market for such diamonds could expand nearly 50-fold in volume.

Speaking after presenting the 52nd India Gem & Jewellery Awards in Mumbai, Shah said India had the infrastructure, skills, capital and trading expertise needed to capitalise on the emerging opportunity.

"In terms of volume, the market for lab-grown diamonds is poised to expand to nearly 50 times the size of the current diamond market. This represents a huge opportunity," he said.

"It is my appeal to you that lab-grown diamonds' entire ecosystem should be in the control of people of Bharat. It should be our jewellers who should be controlling it. You can do it. People of Surat and Mumbai have demonstrated it," Shah said.

He urged the industry to ensure that every stage of the manufacturing and business chain remains in Indian hands, from making machinery and producing lab-grown diamonds to jewellery manufacturing, brand building and setting up showrooms globally.

The Union government would introduce a policy for the sector, while Gujarat and Maharashtra were also working on policies, Shah said, assuring the industry of the Centre's support.

"India should emerge as a founder member and founder industry in the lab-grown diamond business, while Indian brands should become global brands. The world business should have our people's dominance," he said.

Shah said India's gems and jewellery trade with the world dated back nearly 6,000 years and expressed hope that Mumbai would emerge as a global hub for the sector.

He credited Surat with transforming India's diamond industry, saying nine out of 10 diamonds in the world were cut, made and designed in the city and that 90 per cent of the diamond-cutting business was concentrated there.

Workers in Surat had contributed significantly to India's economy, exports and employment generation and helped regions such as Saurashtra and Kutch address water scarcity, he said.

Shah also highlighted Mumbai's role in diamond exports and said Maharashtra Chief Minister Devendra Fadnavis had promised additional floor space index and improved connectivity to ensure that industry players remained in the state.

India's gems and jewellery exports stood at Rs 2.44 lakh crore in 2025, accounting for 6.3 per cent of the country's merchandise exports, while the sector provides direct or indirect employment to nearly 75 lakh people, Shah said.

India exports jewellery to the US, Europe, West Asia and Hong Kong, while more than 90 per cent of the world's cut and polished diamonds are processed in the country, he said.

Shah said free trade agreements with the European Union, the UAE, Australia, Oman and the UK would help expand India's trade with these markets.

He also cited recent government measures aimed at strengthening the sector. Companies engaged in rough diamond trading and operating in special notified zones would receive a 15-year income tax exemption under the Taxation and Other Laws (Amendment) Act, 2026, he said.

"This is the beginning of making Bharat a hub in rough diamond trading," Shah said.

He said the Bharat Ratnam mega common facility centre, inaugurated by Prime Minister Narendra Modi, spread over 1.25 lakh square feet and offered facilities for 3D printing, casting and refining.

The India Jewellery Park was expected to attract Rs 50,000 crore in investment and generate nearly one lakh direct and indirect jobs, while the Maharashtra government had offered stamp duty waivers and affordable electricity, Shah said.

Turning to the broader economy, Shah credited the Modi government with making fundamental changes over the past 12 years in infrastructure, manufacturing and exports, including through Production Linked Incentive schemes.

"In 2014, India was rated among the 'Fragile Five', but today it is ranked among the top five," he said.

Referring to the latest first-quarter GDP figures, Shah said India had recorded 7.8 per cent growth and emerged as the fastest-growing economy among major countries.

He said Prime Minister Modi had set a goal of making India the world's number one country across sectors by 2047 and that the government was framing policies in line with changing global conditions.

Shah said India's exports were breaking previous records and expressed confidence that the country would be ahead of others across sectors by August 15, 2047.

Fadnavis and Maharashtra Deputy Chief Minister Eknath Shinde were also present at the awards ceremony.