Gujarat's diamond sector sparkles, new bourse set to take State industry's turnover to ₹2 lakh crore
The Hindu
PM Modi inaugurates Surat Diamond Bourse, spurring growth of Gujarat's diamond sector with projected turnover of ₹2 lakh crore & 1.5 lakh jobs.
The diamond sector in Gujarat, where eight of the world's ten rough diamonds are processed by around eight lakh polishers based in Surat, is a major contributor to the State's economy, and the new diamond bourse coupled with the Vibrant Gujarat Summit are projected to spur its growth further, experts feel.
Prime Minister Narendra Modi on December 17 inaugurated the sprawling Surat Diamond Bourse, calling it a symbol of strength and determination of new India.
According to industry experts, the contribution of the State’s diamond sector is only going to get bigger with the new bourse as the turnover is projected to go up to ₹2 lakh crore annually. “The industry is set to provide employment to another 1.5 lakh people and help achieve the Central Government’s ambitious export targets for gem and jewellery,” they say.
“The Vibrant Gujarat Global Summit will help in the growth of the gems and jewellery sector, which accounts for 3.5% of world’s export, which will add sheen to the State’s economy with the Central Government aiming to increase it to double digits,” the experts said.
The 10th Vibrant Gujarat Global Summit is scheduled to be held in the State capital Gandhinagar from January 10 to 12, 2024.
In his inaugural speech at the Surat Diamond Bourse, built with an investment of ₹3,400 crore, PM Modi hailed the sector for generating eight lakh jobs, and said another 1.5 lakh jobs will be added due to the new bourse.
"Surat's diamond sector has provided employment to eight lakh people since the beginning. Now the Surat Diamond Bourse is also providing employment to another 1.5 lakh people. I would like to congratulate all my friends in the diamond trading business who have worked day and night to give a boost to this industry," he said.
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