Surat diamond industry stakeholders welcome export promotion support, unhappy silence on relief package

The Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on Feb 1, 2025, received mixed reactions from the diamond and jewellery industry.

While Vipul Shah, Chairman, Gem and Jewellery Export Promotion Council (GJEPC) welcomed the pro-industry initiatives, but requested the finance minister’s support for co-funding global diamond promotion campaigns, the inclusion of jewellery parks in the harmonised infrastructure list, and an Infrastructure Support Fund to develop a gem bourse in Jaipur.

Meanwhile, Jagdish Khunt, President, Surat Diamond Association(SDA) said that the Surat sector was not happy with the budget. The Surat diamond manufacturing sector had reportedly made representations to declare some economic packages for the diamond polishers who are facing financial crises. As over four lakh diamond polishers working in the diamond industry in Surat have been affected due to the recession, SDA had demanded low-interest loans be given to diamond factory owners so that they could survive.

‘But this request was not looked into by the finance minister. The diamond industry of Surat is known worldwide as a hub of diamond cutting and polishing, so there were more expectations from the finance minister. Jagdish Khunt said.