India’s exports of diamonds dip to $18.37 billion in FY24

India’s diamond sector has been facing challenges during the last three years due to reduced demand in major export destinations and supply-side issues such as G7 sanctions on Russia.

This was put before the Government of India by the Commerce and Industry Minister Piyush Goyal, who informed that diamond exports in 2023-24 dipped to $18.37 billion as against $25.48 billion in 2021-22. Imports too declined to $23 billion in the last fiscal as compared to $28.86 billion in 2021-22.

 The Indian diamond industry consists of over 7,000 companies involved in various activities with Surat alone accounts for nearly 8,00,000 workers, making it the world’s largest hub for diamond.