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April 23, 2026SRK Chairman Govind Dholakia on India’s diamond sector crisis sees recovery ahead
India’s cut and polished diamond exports in FY26 stood at $12.16 billion — nearly 50 per cent lower than the FY22 peak of $24.24 billion.
“A business which had been flourishing for the last 60 years, has slowed down. Earlier, too, slowdowns have happened, but they have lasted for two to four months. This is the first time the slowdown has extended over 4 years,” Dholakia said during an interaction at the company’s facility in Surat.
The Indian diamond industry that has weathered wars, recessions and cyclical shocks, the current downturn stands apart.
Calling it the most prolonged and severe crisis in six decades, Govind Dholakia, Rajya Sabha MP from Gujarat (BJP) and Founder-Chairman Emeritus of Surat-based Shree Ramkrishna Exports Pvt Ltd, said the global diamond trade is in the middle of an unprecedented reset, triggered in part by the disruptive entry of lab-grown diamonds.
