The Surat Special Economic Zone or SUR SEZ saw a decline in its gems and jewellery exports for the first four months of 2023 by 65% as compared to the corresponding period last year.
“The decline in the exports has been mainly due to the overall decline in the demand for diamonds from US and European countries. In the first three months from April to June, the exports were down by more than 70%,” said Virendra Singh, additional director general of Foreign Trade and Development Commissioner for SUR SEZ.
Singh also cited the closure of four units of Sagar Diamonds that were raided by the Enforcement Directorate (ED) in March this year as one of the reasons behind the decline in exports.
Sagar Diamonds is being investigated for its involvement in an alleged money laundering case linked to a Chinese-controlled money lending app that allegedly deceived many people, said an official aware of the matter.
The overall gross exports of gems & jewellery for the April-June quarter suggested a decline of 28%. The diamond hub employs close to 800,000 people and is a major contributor to India’s gems and jewellery exports.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
