Mumbai: India should position itself as a global hub for gems and jewellery and take the lead in the emerging lab-grown diamond industry, Union Home Minister Amit Shah said on Sunday.
Addressing the 52nd India Gems and Jewellery Awards ceremony in Mumbai as chief guest, Shah said the country must ensure that the entire lab-grown diamond ecosystem — from manufacturing machinery and diamond production to jewellery-making, branding and global retail — is led by Indian companies.
Shah said the era of lab-grown diamonds was set to create a major opportunity for the industry, with the market expected to grow to nearly 50 times the size of the current diamond market.
India has the infrastructure, skilled workforce, capital and entrepreneurs needed to seize the opportunity, he said, adding that the government was ready to provide all possible support.
“The entire value chain should be within our reach,” Shah said, stressing the need for Indian brands to establish a strong presence in global markets.
He also called for the industry to focus not merely on increasing the pace of operations but on significantly expanding their scale.
Shah highlighted Surat’s role in the global diamond industry, saying nearly nine out of every 10 diamonds cut and polished worldwide are processed in the city.
He said Surat’s diamond traders had gone beyond processing diamonds by generating employment for millions and contributing significantly to India’s economy and exports.
Mumbai, meanwhile, has played a major role in establishing gems and jewellery as a key pillar of India’s exports, he said. The Bharat Diamond Bourse has emerged as a global symbol of India’s diamond trade.
Shah also highlighted the recently inaugurated Bharat Ratnam Mega Common Facility Centre at SEEPZ, Mumbai, spread across 1.25 lakh square feet and equipped with facilities including 3D printing, casting and refining.
The proposed India Jewellery Park is expected to attract around ₹50,000 crore in investment and generate direct and indirect employment for one lakh people, he said.
According to Shah, the gems and jewellery industry reached ₹2.44 lakh crore in 2025, accounting for 6.3% of India’s merchandise exports, while providing direct and indirect employment to around 75 lakh people.
He urged the industry to use free trade agreements with the European Union, UAE, Australia, Oman and the UK to expand into new markets.
Shah also referred to the Taxation and Other Laws (Amendment) Act, 2026, under which companies trading rough diamonds in specially notified areas have been granted a 15-year income-tax exemption. He said the move could help establish India as a global rough diamond trading hub.
Recalling the awards’ origins in 1975, Shah said the initiative had evolved into a prestigious platform over five decades. He praised exporters, manufacturers, bankers and women entrepreneurs honoured at the event for setting new benchmarks for India’s growth.
He also commended the industry for its contribution to society during droughts, floods and cyclones, as well as initiatives involving water conservation, tree plantation and education for artisans’ and employees’ children.